Parents of the senior generation often express a sentiment: “We’ve allowed our children to decide their own paths” (“Ja Jee Le Apni Zindagi”). This autonomy is valuable, but have we adequately guided them in exploring options before making choices? Too frequently, the next generation’s career decisions are influenced by peer trends rather than their own strengths, interests, and available opportunities. …
Category: Family Business
Developing the Emerging Generation in Family Business
THE MULTI-FACETED WORLD OF MODERN FAMILY BUSINESSES IN INDIA5 (1)
India has a rich and diverse culture, and this is reflected in the way we do business. From multi-generational family businesses to Silicon Valley startups, Indian businesses have made their mark globally. In this article, we will delve into the fascinating world of family-owned businesses in India, exploring the trust, value, family, revenue, modernization, employee, technology, and new generation factors…
What Your Estate and Trust Plans Say About Your Family Legacy5 (4)
As successful business owners, you understand that carefully crafted estate and trust plans provide the tools for families to safeguard assets and protect their financial security. But these plans can also ultimately help families create their legacies. How can you have confidence that the planning strategies used in estate and trust plans, as well as the fiduciary appointments made to…
Managing Differences and Conflict Resolution – A Skill Must to be Developed in Family Business5 (1)
Longstanding family conflict can bring a family business to its knees. It saps energy and happiness and holds back the business from functioning optimally. The first step in resolving longstanding conflict is recognizing that the consequences of avoiding an issue are worse than the emotional discomfort of discussing it. Let us look at an example of a family that succeeded…
Transitioning the Family Business from one generation to another5 (4)
Family businesses are not only “the backbone of the Indian economy,” but also tend to perform better than nonfamily companies during economic crises. But what happens when the founders decide to retire and hand over the reins to a new generation? For many family businesses, that involves one of the most complex processes and generates the most challenges. The following…
Why Family Business Succession Planning is Important5 (2)
Most family-owned business owners put off their succession planning because they don’t want to think about their retirement, disability or death, however, business succession planning should be a priority in every family owned business. A family owned business owner’s decision to eventually retire is not as simple as no longer going to the office. Key questions need to be answered…
PROFESSIONALISING THE FAMILY BUSINESS0 (0)
Professionalizing the family business is critical for growth, continuity and perpetuity through multiple generations. What is a Family Company? A family company is one whose ownership is controlled by a single family and where two or more family members significantly influence the direction and policies of the business, through their management positions, ownership rights, or family roles. Current family owners…
Managing Family Business Conflicts0 (0)
THE MAJORITY OF INDIAN FAMILY OWNED BUSINESSES ARE LIKELY TO FAIL BECAUSE OF INTERNAL CHALLENGES – WITH THE KEY ISSUE BEING INEVITABLE – AND DESTRUCTIVE – FAMILY CONFLICTS. SO IF A FAMILY WANTS TO PASS A SUCCESSFUL BUSINESS ONTO THE NEXT GENERATION, IT NEEDs TO DEVELOP ITS OWN TOOLS AND SYSTEMS FOR MANAGING CONFLICTS 10 TIPS FOR MANAGING FAMILY BUSINESS…
Family Businesses Challenges0 (0)
All businesses face challenges, whether it is dealing with the changing economy, finding and hiring the right employees, or increased competition in the market. Family-owned businesses are not immune to these challenges. In fact, there is also a unique set of challenges that family-owned businesses have to face as a result of the nature of their business structure. It is…