The story of Eftichios Vassilakis — EY Entrepreneur Of The Year™ 2024 Greece winner, Chairman of Aegean, CEO of Autohellas and Group CEO of Th. Vassilakis Group — presents an interesting study on risk and resilience in a country that has experienced several major challenges, including the Greek debt crisis that began in 2009.
For the past 12 years, Vassilakis has led his family-owned automotive and aviation businesses. The auto business is closely tied to the local Greek economy, while the aviation company competes in an increasingly global landscape. With guarded optimism, he shares insights that can apply to all business leaders facing what PwC’s bi-annual Global Crisis and Resilience Survey calls “an age of disruption.”
Entering nascent markets
“My parents started the automotive services business in the 1960s, mainly in rentals,” Vassilakis says. Growing up, he worked with his parents, officially joining the company in 1993 after six years studying in the U.S. — earning his undergraduate at Yale and his MBA from Columbia University.
In 1999, Vassilakis led Autohellas to get listed on the Athens Stock Exchange. At the same time, Vassilakis’s father made the risky decision to venture into the airline business. “He ordered two aircraft and asked me to do the funding. The idea was his, but the strategy was mine,” recalls Vassilakis. By 2007, Aegean was publicly listed on the Athens Stock Exchange.
“Despite going through the 9/11 crisis in our formative years, the 2009-2013 Greek financial crisis and COVID-19, Aegean has grown and established itself as the flagship carrier of Greece,” adds Vassilakis.
Two businesses moving in different directions
Today, Vassilakis and his brother, George, lead Th. Vassilakis Group, with its primary businesses, Autohellas and Aegean. Each business has a different structure and set of challenges.
His mother continues to work with his brother in the auto business. “Navigating relationships in family business is never easy. But so far, we have made it,” says Vassilakis.
The aviation business, by contrast, was set up as part of a partnership. He is the only family member involved. “I’m probably the last one as the industry is getting more globalized and, eventually, we have to be part of something bigger.”
Both businesses were heavily impacted by Greece’s financial crisis. Because the auto business depended on the local economy, it suffered the most. But, Vassilakis adds, they are now market leaders thanks to acquisition and consolidation. The aviation side also suffered from the crisis, but it successfully brought in more travelers to Greece.
While the aviation side continues to face global competition, the automotive sector is dealing with electrification and the entry of autonomous vehicles. “It is not about selling cars anymore,” says Vassilakis. “Major technology disruption in aviation is expected in another decade or two, but the car industry disruption is already here.”
Entrepreneurial skills not taught in business schools
A solid business education provided Vassilakis the foundation for leading in times of change, experience taught him how to persevere, and capitalize, on a crisis.
“In the first crisis, I was just frozen,” he admits. “In the second, I was frozen but better equipped.” In subsequent crises, he says, “I managed to do something extra, to recover what was lost and gain more.”
Some of the qualities that Vassilakis prioritizes in building foundational resilience are:
- Agility. Keep finding ways to adjust to a fast-changing environment. Learn to deal with partners and depressed markets, and use these as opportunities for growth.
- Family loyalty. In a family business, no matter how much you value skills and new talent, culture and loyalty will play a major role in the success of your business . Trust, commitment, and a long-term vision become a priority. Embracing these values while navigating change is challenging but essential.”
- The right partner. Marry someone who supports you in business and life. Vassilakis says his mom was the decision-maker while his dad was the visionary. He says, “It was a good combination, and I like to say I am somewhere in between, looking back and forward — but always count on the support of my partner.”
- Honest failure. In Greece, unlike in the U.S., “failure remains punitive,” Vassilakis says. People don’t distinguish between honest failure and fraudulent failure. “As an entrepreneur, honest failure is part of taking risks,” he adds.
- Speed of recovery. If a business is in trouble in Greece, it typically takes 15 years to recover. He says that’s because failure is still stigmatized in Greece, and because the culture holds out for “God to save us.” Unless you find a way out of a problem by identifying it and restructuring, you will drag the business and industry with you, he says, adding, “Banks, governments, business people in both public and private sectors, need to become faster at adjusting for recovery.”
As for the future, in five-to-10 years, Vassilakis says his children will have to choose between coming into the family business or going out on their own. “Disruption and change are common today, so they need to develop an independent path and not take things for granted before they consider working in the family business.”
YPO is proud to collaborate with EY, its Strategic Learning Advisor, to help global leaders drive innovation, accelerate growth and create long-term value. Learn from the successes of thousands of the world’s fastest-growing entrepreneurs and realize your ambition faster. Consider nominating yourself or a fellow entrepreneur for EY Entrepreneur Of The Year.
