Dehradun: Family firms are playing a significant role in reshaping Indian economy and charting new vibrant businesses portfolio, among top 10 most valuable IT companies in the world 5 are Indian companies and 3 of them are family businesses said Professor Sougata Ray, Executive Director, Thomas Schmidheiny Centre for Family Enterprise, ISB Hyderabad. He further shared the next generation strategies family businesses shall work upon including – discuss and decide family purpose in business and road ahead, decide code of conduct, career path for next generation, strong education, and work experience, developing policies for entry, reward, new venture, growth plan among others.
Current and future family business leaders often view key aspects of the business, such as succession planning, governance, and growth, in different ways. But successful family business leaders need to be aligned. In this context, CII Uttarakhand & YI Dehradun Chapter in collaboration with Indian School of Business, Hyderabad organised ISB Masterclass Series on ‘Building Resilient Family Businesses in Turbulent Times: Role of Next Gen Family Leaders’ at Dehradun.
Sonia Garg, Chairperson, CII Uttarakhand while delivering her opening remarks expressed that Indian Family Businesses forms the ‘backbone’ of the Indian economy and hence there is a need to extend the life span of the family businesses so that the economy can continue to derive benefit from their contribution. She further shared that as new generations join the family business, it is an enormous challenge to keep the family & business together. Some sacrifice the business to keep the families together, while others sacrifice the family to keep the business.
Harshit Gupta, Chair, Young Indians (Yi) Dehradun in his address stated that learning has been a core focus area for CII-Yi. This year’s theme of Young Indians – Collaboration, Significance and Excellence is truly demonstrated by such programs where members from various industrial domains are coming together to gain knowledge from the faculty of a leading institution of the country.
While delivering the vote of thanks Manu Kochhar, Past Chair, CII Uttarakhand shared that through this masterclass, we explored concrete actions that should be taken on the family, ownership and business side and gathered a set of recommendations about governance. He further added that “Family businesses with world-class governance will shine and come out stronger. He opined that now is also the time to take advantage of the tech-savvy next generation.
The masterclass received an overwhelming response and over 50 entrepreneurs from CII & Yi family businesses benefitted from the session.
