Category: Family Business

The concept of Bhagya (destiny or fate) holds significant importance in many cultures and philosophies, particularly in Hinduism and other Indian traditions. It suggests that certain aspects of our lives are predetermined, often based on past actions (karma) or divine will. I had a remarkably interesting conversation with a family recently who explained their need to stay together as a family business. The explanation was each member of their family bring their own Bhagya into the family, as a result we can leverage on each other’s bhagya. In a family…

A guide to assist business owners and their advisors to identify core issues and then structure a successful business succession strategy Embarking on the transformative journey of transitioning business ownership is a complex odyssey fraught with challenges and opportunities. In this comprehensive guide, we illuminate the intricacies of the process, focusing on the ten critical factors that wield profound influence over a successful transition. Tailored for both visionary business owners and their trusted advisors, this roadmap provides invaluable insights to navigate the intricate landscape of ownership succession. By dissecting each…

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.  Sadly, families often neglect to provide information about the business and its opportunities. Consequently, the next generation might seek opportunities outside the family business, leading to a lack of understanding…

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 carry them out, accurately capture your legacy goals and objectives? We believe a legacy conversation—thought-provoking questions that go beyond the numbers—is a crucial prelude to crafting and updating estate plans.…

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 in resolving longstanding conflict. The family, moving from its second to third generation of family operation and ownership, had hit a snag: Conflict was hindering the generational transition. The conflict…