From manager in a multinational to founder of his own company: how the 2001 crisis changed Alfonso Bonfiglio’s life

From manager in a multinational to founder of his own company: how the 2001 crisis changed Alfonso Bonfiglio’s life

October 26, 2024 – 20:30

Knowing how to overcome oneself and face difficulties when everything seems against you is a great virtue, and Alfonso can affirm that he possesses it.

Both the Argentines like the country they inhabit, they had to go through numerous economic crises that made it very difficult to undertake and start your own business from below. Hits in savings, abrupt price increases and short and long-term plans without real solutions turned the atmosphere of the self-managed companies a hostile place.

However, it is the stories of resilience, of overcoming, that should inspire us to continue trying, even with all the headwinds. That’s the story of Alfonso Bonfigliowho after losing his position in a Belgian multinational due to crisis of 2001had to raise his head and reinvent himself together with his partners, to currently run a coatings company.

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What was the crisis of 2001

In December 2001, Argentina was going through a deep economic crisis, characterized by the devaluation of the peso, the imposition of the Corralito and the fall of the government of Fernando De la Rua. The Corralito, established on December 10, 2001, limited 250 dollars per day the withdrawal of money from bank accounts, causing financial and social chaos because in previous policies such as one-to-one, many people acquired many dollars. Although this measure attempted to stop capital flight, it only succeeded deepen the crisis and generate massive discontent.

A crucial moment was declaration of default on external debt on December 23, 2001, leading to a complex restructuring that took several years. The moratorium on debt payments allowed resources to be redirected towards internal stabilization, but it also isolated Argentina from international financial markets for a prolonged period. On January 6, 2002, the government of Eduardo Duhalde put an end to the convertibility. This devaluation resulted in a rising inflation and povertyaggravating the already difficult economic situation of Argentines.

The story of Alfonso Bonfiglio

In 2001, Bonfiglio held a management position in the Argentine subsidiary of a Belgian multinational. However, faced with the imminent crisis, the company decided to close some subsidiaries and dispense with their services. At 55 years old, without compensation and in an adverse scenario, Bonfiglio knew he had to act. And he did it.

With an initial investment, which at that time was $50,000together with his partners Ricardo Flores and Pedro Guida, founded Anchorflexa family SME with a strong social commitment that today employs 150 people. They started from scratch, in a 30m² rented shed in Villa Adelina. In their entrepreneurial adventure, they created a gypsum rock board puttytheir first product, using used machines and after many attempts.

Today, almost 22 years later, Anclaflex produces more than 30,000 tons of product annually and plans to invoice $3 billion this year. The company has a factory 4,300m² and plans to move to the General Rodríguez industrial park to a 7,000m² space. In addition, it has a Training Center that trains almost 15,000 people for free in different trades.

Source: Ambito

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