Tuesday, February 12, 2019
Building a Family Business to Last Generations
Whether it is first or fifth generation, all boils down to governance:
Involving the rising generation and preparing them to take charge is one of the big issues that family businesses must address. They are many challenges – transitioning to professional management, governance in the business, governance for family members, maintaining the vision and family values, innovating to meet changing needs; just to name a few. Building for longevity is a key challenge as well. As Sonny Iqbal, Gurgaon-based co-leader of Egon Zehnder says, when they surveyed family businesses to find out their concerns, profit is often low down on the list. “Survival, sustainability, doing good, are often bigger concerns,” he says.