Antigal: Strategy and Succession Challenges in a Family-Owned Vineyard with Global Ambitions

Lucia Pierini; Martin Roll; Gianfranco Siciliano; Zhijing Cao

Product #:ENT-22-876-CE

Supplier:China Europe International Business School

Discipline:Entrepreneurship

Setting:Argentina; China, 2016

Details:Case (PDF) • 14 pages • 2022-03-31 (Rev: 2022-03-31)

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Antigal is an Argentinian winery with an integrated business model including vineyards, wine production, and distribution. Antigal is owned by the Cartoni family. Virgilio Cartoni entered Antigal as a minority shareholder in 2007, and in 2016 he and his wife Ana Maria took full control of the winery. Antigal consists of three companies.

Virgilio and Ana Maria have four children: Stefano, Francesco, Alessandra, and Antonella. Since 2016, the couple each own 20% of the vehicle ROCKY, parent to two companies of Antigal, and the four children own 15% each. Virgilio and Ana Maria also own 50% each of the vehicle BACO, parent to the third company of Antigal. In mid-2018, Antigal became a multi-generational family-managed firm with Stefano, Alessandra, and Francesco working as company managers.

Francesco, Virgilio, and Ana Maria’s second-oldest son started working for a Chilean producer and exporter of wines following his graduation from university, and he soon realized that the future of the wine business was in China. Consequently, in 2016 he moved to China to work for the Chilean company there. In 2018 Francesco resigned from the job to start a full-time MBA program and begin to build relationships for his family business.

Francesco, along with his brother and sister, has a vision to bring Antigal to the next level. There are many challenges ahead for the company to overcome: How to structure the family business governance? How to expand the business and increase the enterprise value of the firm? How and how much could China contribute to it?

Learning Objectives

The case is intended to be taught as part of MBA and EMBA courses or in executive education modules. It can be applied in a variety of classes touching on topics like family business, business management, strategy, China and Asia affairs, governance, and entrepreneurship. This case study allows students to explore issues related to succession challenges and the long-term development of family businesses. Given the nature of the fundamentals involved, it can also be adapted for use in advanced courses such as Family Business, Business Management, and Entrepreneurship. The major objectives of this case are to: 1. Manage ownership and governance in a multi-generational and entrepreneurial family business. 2. Balance legacy and heritage (the foundation of success) with the need for renewal and innovation (professionalization and empowerment of the next generation). 3. Learn how to professionalize a family business and principal decisions in regard to appointing family and/or non-family professional leaders. 4. Learn how to put the right processes in place to select and develop the next generation shareholders (ownership and stewardship). 5. Design and pivot strategy into global markets, including China (expansion). 6. Develop mechanisms to maintain and further strengthen family coherence and unity (longevity).

Antigal: Strategy and Succession Challenges in a Family-Owned Vineyard with Global Ambitions

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Learning Objectives