The Family Business

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Family business

This will alert our moderators to take action. Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings. Defence Defence National International Industry. International Business World News. NIFTY 50 11, Drag according to your convenience. The key to success and longevity lies in how they plan this Family businesses are a sort of multigenerational project. Their success depends on the family, and more often than not, their failure too is for filial reasons. Taking decisions heart over head increases the likelihood of conflict, shaking the very foundations upon which the business was built.

Family Business United

In a PwC study, Family, Legacy and You, Ganesh K Raju, partner and leader, entrepreneurial, private business, PricewaterhouseCoopers , points out that transfer of ownership and planning the succession process is the most difficult challenge family businesses encounter. If succession and generational change is not properly addressed, it could easily fragment the business, the impact of which could be catastrophic. Who will carry forward the baton?

Should non-family members be on board? Will the business sustain for generations? This makes it all the more important that succession planning is done carefully, to ensure longevity of the business. While businesses may change, the fundamental nature of the beast does not.

For instance, an entrepreneurial spark is a must-have to thrive in any era. Does the successor have it?

Corporate Trends

These are among various questions for family business heads, of which they must take a rational view to ensure survival and growth. This might mean rediscovering the core insurgent mission of the company. It also means rededicating oneself to the cause and hearing out customers and the frontline amid a din of competing voices. Not surprisingly, the right succession planning is as much a key to growing the family business as is long-term vision.

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It is all the more so in these fast changing, disruptive times, as businesses face both internal and external challenges. The Outlaw Johnny Black. The Temptation of Charles.


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The key to success and longevity lies in planning

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Harris Grant Clifton Powell Uncle Lou Tami Roman London Duncan Javicia Leslie Paris Duncan Christian Keyes Niles Monroe Sean Ringgold Junior Duncan Sebastian Siegel Tony Dash Michael Jai White Vegas Duncan James Black Edit Storyline By day, the Duncan's are an upstanding family who run a thriving exotic car dealership in New York. Add the first question.