You are Constanza Robledo-Iriarte, 49, newly appointed Group CEO of Grupo Almenara, a Madrid family-controlled holding. You are ninety days in. The family council has asked you for one thing before the autumn: a clear answer on which businesses the holding should own — and why.
The situation
Grupo Almenara, founded in 1978, holds four businesses with little in common. Hostelería del Sur is a chain of mid-market hotels — the family's original trade, and they know it deeply. Almenara Facility Services is a profitable B2B facilities-management company run by a strong, autonomous managing director. NovaSalud Clínicas is a chain of private diagnostic clinics, bought three years ago. Almenara Agroindustrial is an olive-oil and almond exporter that came into the group through a family branch.
The corporate centre — head office, finance, shared services, the family office — costs about €19M a year. The instinct in the family council is simple: keep the businesses that make money, sell the ones that struggle. NovaSalud is losing money. Agroindustrial is sleepy. Hotels and Facility Services are both healthy. The answer looks obvious. You are not sure it is the right question.