Forbes interview

What do you need for a successful generational change?

Successful generational change 2021 – Losonczi Innovation Kft. At the tool manufacturing company founded in 1995, the second generation now has a place in management. According to István Losonczi, the company manager, the change did not go without minor dents. “At first, it was hard for everyone to find their role in the new structure, to strike a balance so that we can work effectively as a company management team as well as a family,” he says, while also knowing that his parents didn’t have an easy task. “It’s not easy to let go of the control as a parent and as a business leader, you need a lot of trust in your children.” Fortunately, this was the case with Losonczi Innovation, and the change was good for the company overall. “We got the necessary space from our parents to develop, an opportunity to bring new perspectives and ideas into the company. The parents successfully passed on their knowledge, and the second generation made good use of what they learned from them, thus forming a well-functioning partnership in the management of the company,” explains István Losonczi. This will also be needed if the company is to meet the challenges posed by industry 4.0 and the transformation of the automotive industry, but its progress is already shown by the fact that AXIS PRO – the first member of their new PRO product family – received in 2021 the Special Purpose Machine of the Year award. And for its design, it won a special award, confirming that it was not in vain that the company had recently devoted significant resources to the design of their machines in addition to its internal values.