Introduction to Tino's Journey

Background and Career Overview

• Tino, a graduate in Economic Sciences from the University of Santiago, began his career at Andersen Consulting before founding Altia in 1994.

• Under Tino's leadership, Altia has expanded significantly, acquiring several companies including Noesis (2020), Vivomática, Bwood (2022), and N IN22 recently.

• Altia now employs over 4,000 people across 30 locations in 10 countries.

Reflections on Going Public

Insights from the IPO Experience

• On December 2, 2010, Tino expressed optimism about Altia's stock market debut on the MAP (now BME), noting a positive first-day performance with a rise of 2.21%.

• He emphasizes that while initial success is important, long-term performance is crucial for sustainability and growth.

Lessons Learned Over the Years

• Tino reflects on key decisions made since going public as pivotal moments in both his personal career and the company's trajectory.

• He advises potential entrepreneurs considering an IPO to recognize that there are various paths to growth and financing beyond just going public.

Advice for Future Entrepreneurs

Navigating Business Expansion

• The BME was characterized as a market for expanding companies; thus, it can be beneficial for businesses looking to grow their presence.

• Tino highlights that transitioning to a formal board structure improved governance at Altia post-IPO.

Financial Growth Metrics

• Since its IPO, Altia’s stock value has increased more than twenty-three times from its initial price of €2.72 per share.

Reflection on 15 Years of Growth and Challenges

Celebrating Successes

• The speaker reflects on the positive aspects of their 15-year journey, highlighting incredible growth and success.

• Despite the successes, there have been challenging phases that are acknowledged but not deeply remembered, suggesting a tendency to focus on the positive.

Difficult Moments

• The speaker recalls a significant moment of doubt prior to going public, marked by the death of a co-founder, which was described as the hardest time in their professional life.

• The loss led to contemplation about continuing with the company or seeking employment elsewhere, showcasing personal and professional turmoil.

Impact of COVID-19

• The onset of COVID-19 created uncertainty for many businesses, including theirs. Projects were halted due to clients' operational disruptions.

• Despite these challenges, the speaker maintained a positive outlook and believed in overcoming difficulties through resilience and energy.

Future Projections

• Discussion shifts to future business projections with anticipated revenues exceeding €330 million by 2026 and a net profit increase of 57%.

• Emphasis is placed on organic growth rather than acquisitions; they aim for steady annual growth around 10%.

Key Factors for Sustained Growth

• Acknowledgment that while opportunities exist due to digitalization trends, competition remains fierce with many innovative players in the market.

Growth Strategies and Acquisition Insights

Importance of Hard Work and Inspiration

• The speaker emphasizes the significance of hard work in achieving success, referencing Thomas Edison’s quote: "99% is perspiration and 1% is inspiration." This highlights that dedication is crucial for realizing business goals.

• They mention the necessity of passion for one's work, alongside a bit of luck, to navigate challenges effectively. This combination is seen as essential for long-term success.

Acquisition Strategy and Synergies

• When considering acquisitions, the focus lies on two main factors: market presence (territories) and technological capabilities that can enhance their offerings. These elements guide their decision-making process in acquiring new companies.

• Historically, they have not actively sought out acquisition opportunities; instead, potential targets have emerged organically. Future strategies may evolve to include more proactive approaches to acquisitions.

Market Positioning through Acquisitions

• The speaker cites specific examples where acquisitions strengthened their market position, such as Bilbomática in Euskadi and ventures into Portugal to expand customer reach. These moves are aimed at reinforcing existing markets or entering new ones effectively.

• Technological advancements are also a key consideration during acquisitions; they aim to integrate capabilities like low-code software development which were previously lacking within their organization.

Integration Model Post-Acquisition

• Their integration model post-acquisition is described as deep rather than superficial; they strive for comprehensive integration across processes, technology, and offerings while respecting local cultures within acquired entities. This approach aims to maximize synergy without losing valuable cultural aspects.

• The speaker stresses that capturing synergies should focus more on revenue generation rather than merely cutting costs—emphasizing the importance of combining knowledge and proposals to drive income growth instead of just reducing expenses.

Philosophy on Growth with Stakeholders

• Altia's philosophy centers around mutual growth—"growing by making others grow." This principle applies not only to clients but also extends to employees and shareholders, aiming for collective advancement within the company ecosystem.

Impact of Human Capital on Business Success

Importance of People in Organizations

• The speaker emphasizes the significant impact that human capital has on the environment and operations of a business, highlighting that people are the main asset.

• Relationships with individuals often take precedence over organizational reputation; differentiating through personal connections can be more effective than product or service differentiation.

Talent Management and Development

• There is a strong focus on recruitment, selection, evaluation, and career development as critical areas for concern within organizations.

• The company invests heavily in training (4 million euros in 2024), viewing it as essential for growth and improvement. This investment reflects a commitment to lifelong learning.

Personal Growth Through Education

• The speaker shares personal experiences regarding education, citing specific programs that have significantly contributed to their professional development.

• Continuous education is encouraged within the organization; employees are urged to embrace lifelong learning as a key driver of personal and professional growth.

Motivation and Challenges in Work

• Caring for employees involves not only training but also inspiring them. Passion for work and embracing challenges are deemed crucial for success.

• The fast-paced nature of technology creates ongoing challenges; staying updated is vital to avoid being outpaced by competitors.

Comparing Business Management to Sports Leadership

Similarities Between Sports Teams and Businesses

• The speaker draws parallels between managing a sports club (e.g., Deportivo La Coruña, Racing de Ferrol) and running a business, noting both require similar operational structures like finance, marketing, and personnel management.

Emotional Engagement in Sports

• Unlike traditional businesses, sports teams carry an emotional weight; this sentimentality influences how they operate compared to other sectors.

Lessons from Sports Experience

• The speaker reflects on their extensive background in sports as foundational to their leadership style. Key lessons include teamwork, competition, perseverance, respect for rules, and striving for daily improvement.

Insights on Personal and Professional Growth

The Impact of Sports on Personal Development

• The speaker emphasizes that a significant part of their identity is shaped by their experiences in sports, highlighting the importance of diverse roles within that context.

Challenges in Financial Management

• Discusses a complex financial situation involving the largest bankruptcy suspension in Spanish football history, illustrating the emotional toll and challenges faced during this period.

Learning from Adversity

• Shares personal experiences of having all accounts frozen, reflecting on the psychological impact of financial hardship and how it contrasts with previous business stability.

Team Dynamics and Leadership Lessons

• Acknowledges the invaluable lessons learned from working with a dedicated executive team, emphasizing that learning can come from various experiences.

Corporate Governance and Strategic Challenges

• Introduces Altia's board composition as indicative of strategic challenges such as corporate development, financial solidity, and independence through diverse perspectives.

The Role of Diversity in Board Success

Transition to Professional Governance

• Highlights the shift from single-person management to a professional board structure aimed at fostering diverse opinions for better decision-making.

Importance of Board Composition

• Stresses that while board members have been consistent over time, their collective knowledge contributes significantly to Altia’s success across various sectors including sustainability.

Effective Strategy Meetings

• Describes regular strategy meetings as essential for reviewing progress on strategic plans, indicating a commitment to continuous improvement despite potential delays without regulatory requirements.

Balancing Dual Roles: President and CEO

Overlapping Responsibilities

• Discusses the dual role as both president and CEO, noting how this combination allows for direct involvement in daily operations while also focusing on long-term strategies.

Anticipating Future Challenges

Future Strategic Vision and Leadership Transition

Insights on Leadership and Company Dynamics

• The speaker reflects on the executive team's capabilities, emphasizing their expertise while noting a personal distance from day-to-day operations.

• As a founder and CEO approaching retirement age, the speaker acknowledges the need for leadership renewal within the company to ensure future success.

• The long-standing team dynamic is highlighted as a strength; however, there is an awareness of the necessity for new talent to invigorate leadership.

• The company operates with a long-term vision akin to family businesses, focusing on sustainable growth rather than short-term financial pressures.

• This approach allows for stability and calmness in decision-making, contrasting with trends in capitalism where ownership and management are often disconnected.

Future Growth Plans

• Looking ahead to 2027, the speaker discusses strategic business plans aimed at expanding presence in Europe and enhancing market share domestically.

• Emphasis is placed on organic growth alongside potential acquisitions to strengthen their position in underrepresented regions like Andalucía and Levante.

• Technological advancements are seen as critical; understanding which innovations will endure is essential for integrating them into their value proposition effectively.

• The ability to adapt to rapid changes in technology and competition is framed as vital for survival in this dynamic sector.

• A positive outlook towards industry dynamism is expressed, viewing it as an opportunity rather than a challenge that can be leveraged for growth.

Leadership Development Initiatives

• There’s an ongoing effort to cultivate new leaders within the organization, ensuring continuity through generational transitions among management roles.

• The speaker expresses confidence in their team's capability to embrace change while fostering passion for innovation among emerging leaders.

• A specific program called "Leaders of the Future" involves 80 individuals being groomed for future leadership roles within the company.

Discussion on Employee Retention and Workplace Flexibility

Importance of Overcoming Challenges for Future Generations

• The speaker emphasizes the need to address current challenges to ensure that future generations can surpass present achievements.

• Acknowledges the difficulty of this task but remains optimistic about its feasibility.

Addressing Employee Turnover in a High-Rotation Sector

• Camilo Lovato raises a question regarding employee retention strategies in sectors with high turnover rates, highlighting the importance of personnel.

• The speaker responds by indicating that salary is a crucial factor alongside work conditions, which include training and career development opportunities.

Work Conditions and Flexibility

• Discusses various aspects that contribute to making a workplace attractive, such as flexible working hours and telecommuting options. Emphasizes the balance between remote work and in-office presence.

• Provides an example where employees are allowed full telework during school holidays if their projects permit it, showcasing flexibility in scheduling.

External Factors Influencing Workforce Availability

• Highlights external factors affecting employee turnover, including labor shortages and globalization, which complicate retention efforts.

• Mentions how digital economy acceleration has led to increased competition for talent across borders, impacting local employment dynamics significantly.

Adapting to New Employment Models

• Reflects on changes in employment patterns where local talent may now work remotely for international clients while residing locally, altering traditional job markets.

• Stresses the necessity for both employees and companies to adapt to these new realities rather than resist them; acknowledges potential benefits from this shift as well as challenges faced by organizations.

Integrating Young Talent into Leadership Roles

• Miguel Pazo questions how generational transition is being managed within Alti, prompting discussion on youth integration into leadership roles. The speaker expresses confidence in this process but suggests feedback from others might be more insightful.

Discussion on Talent in the Tech Industry

The Shift in Hiring Practices

• The speaker notes a trend in the tech market, particularly software development, where fewer junior professionals are being hired. This raises concerns about a future shortage of senior talent as juniors are not being adequately trained.

Importance of Senior Talent

• A counterpoint is presented emphasizing that many companies still hire juniors and focus on developing their skills. There is a belief that senior talent remains crucial for the industry.

Waste of Knowledge and Experience

• The discussion highlights how valuable knowledge can be wasted due to premature retirements, especially in knowledge-based activities like technology. Companies often have to rehire experienced individuals later.

Paradox of Technology Trends

• It’s noted that certain technologies may fall out of favor despite their ongoing necessity, leading to a paradox where experienced workers are let go only to be sought after again later.

Longevity and Capability in the Workforce

• The speaker shares an example from their company, employing individuals up to 75 years old who continue to perform excellently. They argue that age does not diminish capability and experience can enhance contributions.

Building Future Professionals

Training Programs for New Talent

• The company has initiatives aimed at integrating students or experienced individuals into their workforce early on, fostering professional growth from the start.

Views on Private Equity in Technology

Nature of Private Equity Investments

• The speaker expresses uncertainty about private equity's long-term intentions but acknowledges that funds typically invest, develop projects, and eventually exit for returns.

Company Philosophy vs. Private Equity Model

• Unlike many firms driven by short-term gains from private equity investments, this company aims for long-term sustainability without plans to sell its operations.

Future Aspirations and Industry Integration

Commitment to Growth and Legacy

• There is a strong desire expressed for the company to grow within Europe’s tech consulting sector while maintaining its foundational values against prevalent trends towards private equity ownership.

Perspectives on Business Models

• While acknowledging various business models exist within the industry—including those driven by private equity—the speaker emphasizes their commitment to a different approach focused on longevity rather than immediate profit.

Conclusion of Interview Insights

Key Takeaways from Discussion

Growth and Learning in Business

The Importance of Growth for Clients and Employees

• Emphasizes the significance of fostering growth not only for clients but also for employees, highlighting that they are integral to the company's success.

• Draws a parallel between business success and sports, noting that while winning is the goal, learning to cope with losses is equally important.

Value of Diverse Perspectives in Leadership

• Discusses the transformative power of diverse opinions within a board of directors, illustrating how differing viewpoints can lead to better decision-making.

• Highlights the CEO's role in anticipating future challenges and managing uncertainty effectively, which is crucial for sustained growth.

Competitive Aspirations