Building enduring legacies are critical to businesses. It acquires a completely different dimension in Family Businesses, dealing with the additional layer of managing expectations of another set of stakeholders within relations. Family Businesses with their long-term focus, look into generations beyond a quarter-to-quarter approach. Creating buy-ins from a diverse group is always challenging, especially when familial sensitivities are involved. There is a need to understand differing priorities, ceding space for individual aspirations, while keeping the core values and profitability intact. Talent, both within and beyond the family need to harmonized in order to achieve the desired results in the “New Age” where the paradigms have changed forever.
Entrepreneurship is intrinsic to family businesses. It is the bedrock on which the institution was built. Family businesses are fraught with challenges of matching opportunities both within and beyond legacy businesses The Next Generation takes a lead in bringing innovation and a fresh outlook, challenging the status quo. In this context the need for sustainable transformation is critical. This is helped only by a robust process, within the family, where the senior transmits their insights and delineates their journey through the maze, guiding the Next generation to their desired destination. Given this volatile environment, risks and engagement have metamorphosed, requiring a fresh outlook. There is a need to preserve the wealth while keeping a keen eye on multiplying it by capitalizing on the emerging opportunities optimally.