Ferruccio Bongiorni learned all about business and entrepreneurialism from an early age. Growing up in a family firm that was famous for its fine-tasting tomato sauces, Ferruccio experienced the excitement and energy of running a company from his dad. And this passion has stayed with him throughout his life.
Setting up Studio Bongiorni
After qualifying as a chartered accountant, he worked at an international tax and legal firm for some years before getting itchy feet and deciding to set up his own business – Studio Bongiorni – in 2016.
“I guess my story begins eight years ago when I founded Studio Bongiorni as a boutique Commercialista in Milan,” Ferruccio says. “I’d been working at a tax firm and realised that if I wanted to take control of my life then I had to set up my own business”.
“Most people work for years for big organisations never really knowing much about them. I didn’t want that to happen to me – or the people I hire.”
For Ferruccio, Studio Bongiorni had to be more than just an accountancy firm. Indeed, in Italy what he calls a Commercialista is akin to a financial services firm, but offers far more in the way of business services including corporate governance and corporate law advice.
“In Italy, a Commercialista is responsible for more than just tax-related matters. While tax lawyers and accountants focus solely on taxes and financial statements, Commercialistas like us offer a broader range of services.
“Along with accounting, financial statements and tax matters, we provide business operations such as mergers and acquisitions, corporate governance structures, corporate reorganizations, and setting up holding companies and dealing with corporate by laws.
Commercialistas
A typical Commercialista works with both Italian subsidiaries of multinational companies and Italian multinational companies with operations oveaseas. This blend of Italian and international clients provides Studio Bongiorni with valuable insights into the complexities of cross-border financial and tax matters that clients require when doing business in Italy or with Italian companies moving abroad.
Although a small company, Studio Bongiorni boasts a young and dynamic team that punches above its weight regarding consultancy services: “Even though I’m not particularly young, we like to call ourselves ‘the young company’. That gives clients the idea of our youth, dynamism and flexibility.”
The result is that many of Ferruccio’s clients are medium to large-sized companies – not small as with most boutiques – which are given a more tailored and comprehensive service.
“When I first set up I faced a steep learning curve – going from employee to a business owner, taking on responsibilities such as quoting fees, negotiating with clients, and ensuring timely payments. But despite the initial challenges, I soon found that my all round technical skills combined with my entrepreneurialism was attracting very decent clients who wanted the solutions we were offering.”
Business culture
One of the key early challenges for Ferruccio was breaking away from the traditional business model and creating an organisation that placed people at the heart of its operations, valuing people. He was eager to develop a unique culture.
“When I worked at the tax firm as a chartered accountant, I saw a general lack of respect for individuals and a disregard for any kind of work-life balance in most firms. I guess this fuelled my desire to build a different kind of practice, one that prioritises the well-being of the team – and this then has a knock-on effect with clients. Clients can see that and appreciate it.”
Ferruccio is proud of building a team that is committed to transparency and has shared goals with a collective sense of involvement and empowerment, which he believes leads to individual and organisational growth.
“I might add that along with a really dedicated team, it does help that we are in the centre of the most beautiful city in the world – the heart of Milan,” Ferruccio smiles.
“This physical space reflects the success and growth the team have achieved over the years and that reflects the client relationships they build, which has a hugely positive impact on their lives.”
IR Global network
Another part of Ferruccio’s journey has involved joining the IR Global network, which he believes has helped to transform his business from an Italian Commercialista to one with a global reach.
“Being a member of IR Global has brought a number of benefits to our practice and clients,” he says. “The network provides a platform to connect with leaders of independent firms, exchange referrals, and collaborate on cross border projects. The ability to tap into a global community of professionals has expanded our scope and enhanced the services we offer to our clients.”
The network also gives Studio Bongiorni the ability to develop its communication and marketing capabilities way beyond the reach of most small firms: “It’s also really important to attend IR Global events to network with the right kind of professionals we can refer our clients to or who can refer clients to us.”
Environmental, Social, and Governance
Another area of business that has been critical for Ferruccio in recent
years has been to expand its ESG (Environmental, Social, and Governance) consultancy services: “Commercialistas have recognized the growing importance of ESG in the business landscape. The central features are really important to me personally and to us as a business – a company’s sustainability and ethical impact.
“We started offering ESG consultancy services to help our clients prepare their sustainability reports. These are becoming increasingly important for businesses seeking to demonstrate their commitment to environmental and social responsibility.”
For Ferruccio, offering ESG services are key to highlight a company’s sustainable practices and to improving their reputation: “This also attracts investors and clients who prioritise ethical and environmentally-conscious business practices. Companies that align their operations with ESG principles can benefit from increased credibility, improved relationships with stakeholders, and better access to capital.”
“The process of our ESG consultancy involves various steps, starting with education and assessment of a company’s current practices. We work closely with our clients to develop strategies for implementing sustainable practices and tracking progress over time.
“This approach ensures that companies meet their sustainability goals and effectively communicate their efforts to stakeholders.”
Looking ahead, Ferruccio plans to develop the business during the next 5-10 years, hiring and mentoring the right talent to fit in with the unique culture: “By focusing on marketing and business development, we aim to attract new clients and expand our reach.”
Out of the office
Ferruccio start early every morning working out at his home gym before turning up to the office for 9am. His life outside work is focused on spending time with his children and enjoying his life in Milan and Italy.
“During the winter, I love skiing in the Alps, while in spring we go hiking. And in the summer, we tend to go walking in mountains around Lake Como. This all helps to keep me healthy and enjoy a decent work-life balance. As I say to so many clients, Italy may have its problems, but I’m living in the most beautiful city in the most beautiful country in the world.
‘You know, Piazza Duomo Milano is just a few metres walk from this office and I often like to pop out and watch visitors walk around smiling – that’s what Milan can do to you.”
