This article is taken from the book "Royo. A Family, a Company, a Legacy," written to mark our 50th anniversary in business.
Every month, from Invext Corporation, we share a snippet of our history, full of multiple learnings and values that help to understand where we come from, how far we have come, and what we want our next steps to be. We hope that sharing our vision can help or inspire other family businesses to believe that the best way to honour a legacy is to create a new future for it.
Can you read the previous chapter here
Development objectives for the future
Although much time has passed from Pascual's early years working in the bathroom furniture sector to the present day at Invext, and social realities have changed, values such as generosity remain. Invext would not be the company it is if it did not promote the creation of value and wealth for society.
What legitimises a company to continue existing? Having a purpose and a concern for economic and social development wherever it is located. This implies acting in both the local and global spheres. Personally, the management of Invext feels that it is in their hands to do everything possible to leave a better world for future generations. This translates into converting personal concerns into a master plan for the company that works with three fundamental pillars: environment, social, and governance.
The trident is not accidental. Raúl, Santiago and Silvia's values lead them to become sensitive to the United Nations' Sustainable Development Goals (SDGs) established in the Agenda 2030 plan, as a tool and guide to achieve their family purpose. The SDGs are a series of interconnected global goals designed to achieve a better and more sustainable future for all.
Directly, the company has an impact on five of them: health and well-being; clean water and sanitation; work and economic growth; industry, innovation and infrastructure; and responsible production and consumption. Indirectly, it impacts affordable and clean energy; the reduction of inequalities; climate action; and peace, justice and strong institutions.
To continue developing as a company and as a family, a balance is needed between economic growth, environmental care and social well-being. This is only possible with a transparent and effective governance model, a model in which, in some way, lies the sincerity that characterises Pascual.
Vision from the second generation
“I'm ten years older than Raúl, and I remember playing a lot with him and Santi, especially football. When my father wasn't at the factory, he was always in the garden. At mealtimes, the only topic of conversation was the company. You grow up with that, thinking the company is part of the family..”, relates Silvia Royo, the youngest of the three siblings, founder of Royo USA, Corp. and a board member at Invext.
The efforts, both educational and training within the company, made by Pascual and Mari Carmen, as well as their work in making it grow, sowed the fruits that the three siblings, Raúl, Santiago, and Silvia, now administer.
“Our father is a role model. He is for people and for us. I would highlight his capacity for sacrifice, work, and effort. There's no doubt he gives a lot and looks out for the group. He has always worked too much, with few moments for family life. Our mother is also very hard-working; she raised us and was the one in charge at home. Our father was a bit detached in that aspect, but he made sure we had everything we needed..,” adds Silvia.
A woman's value in a company is important because the values passed down to the second generation aren't just Pascual's, they're also Mari Carmen's.“If I hadn't done a good job, it's likely the second generation wouldn't exist today, and therefore the company's longevity.”, states Silvia.
Santiago Royo, the middle brother, has been responsible for the group's asset management for fifteen years, since the professionalisation of the family office, Invext.“We have grown up in a family where hard work, honesty, and integrity have been fundamental pillars in our history. The legacy we aspire to leave is to continue with these values as our root to expand our business group..”, considers Santiago.
Raúl, Santiago and Silvia embody what they have internalised from working in a family business.“Kindness is a trait inherent to the family. Our parents have passed it down to us a great deal, and we pass it on to each other. If one of us has a need, we try to help..”, argues Silvia.
Generosity, excellence and courage are inherent characteristics in the Royo DNA, the code that defines the business and family approach of the second generation of the family, who are not only keeping Pascual's legacy alive but are seeking different avenues to prosper, increase the company's social impact, and prepare for continuity with the third generation.
“Managing an international company for me is a world full of infinite possibilities. I would like the Royo brand to cross all the borders it has not yet crossed, growing exponentially. That the surname endures over time and that, even if it's a small percentage, the family always has a symbolic stake in its business portfolio. This will mean that there is still Royo blood in the business..”, relates Silvia.
Pascual and Mari Carmen's grandchildren are the future
The children of the three brothers are still very young, only between 3 and 14 years old, but the responsibility of continuing the family legacy falls upon them. For their parents and grandparents, it is not always easy to convey the responsibility and importance of this mission. After all, it is natural, and even positive, for different generations to challenge each other to foster critical thinking.
In Mari Carmen's words, “I am proud to see that my children have continued the company's legacy, but I have always been very clear that if they didn't like it or wanted to do something else, I wouldn't put any obstacles in their way..This stance on individual freedom, combined with the hope and joy of maintaining a business and life dream, defines how they educate the third generation. This ensures they are aware of the work that has been done and that, if they wish, they can become part of the family business project and help it grow.
“I prefer to refer to them as people of growing age rather than third generation. I would like them to keep in mind humility and where we come from. I would like to give them the freedom to discover what their passion is. When they have identified it, let them pursue it with perseverance and effort. If they do that, I believe they will be successful and happy. There is nothing more important than that..”. confesses Silvia.
From this stage, we can extrapolate several business lessons:
Give back to society what society has given you.. Among the virtues of an entrepreneur, gratitude and solidarity must also be present. Gratitude towards a society for which they have created wealth, but also thanks to which they have built a fortune.
2- Education for responsible shareholders. Family businesses should have an additional mission in the private sphere: to educate their descendants to preserve, respect and perpetuate the family legacy.
The aim when compiling the 50-year history of this family business has been to highlight the story of its founders, to acknowledge each of the steps that have put us on this path, and to make public our commitment to its continuity. Because the best way to honour a legacy is to create a new future for it.
Silvia, Santiago and Raúl Royo – Second generation of the Royo family business.
