CII Mysuru in partnership with Parampara Family Business Institute (PFBI) is organising a Session on ‘Family Business’ on March 31 at The Windflower Resort & Spa (next to Golf Club), Mysuru.
Family businesses contribute to long-term growth and development of an economy. They contribute 60-70 percent of the GDP of the most developed and developing countries. Family businesses in India are no exception and form the ‘backbone’ of the Indian economy. However, it has been observed that just 13 percent of the family businesses survive till 3rd generation and only 4 percent go beyond third generation and one third of business families disintegrate because of generational conflict. Family-run businesses are witnessing a rapid change as they are trying to manage growth, change and transition of ownership. Thus, the need for a family-owned business to strengthen existing value systems and business mantras in their structure becomes all the more important in the modern corporate world, where hard investment decisions are taken – based on a company’s governance pattern, ownership norm and succession plan,” said Dr N Muthukumar, Chairman, CII Mysuru, in a press release issued by CII.
While there are lot of advantages in family business like quick decision-making, loyal employees, supporting families for generations, calculated risk-taking, innovation & unconventional wisdom etc, at the same time, they suffer due to inward looking, family conflicts, lack of systems & professionalism, scaling up, emotional & impulsive decision-making etc. Therefore, the session will highlight the successful case studies that have put in place governance systems like family constitution (containing values, mission, vision, code of conducts, family and business polices), have survived for generations and suggest the ways to overcome the hurdles.
Members of family-owned businesses (two or more generations family businesses will be highly benefited)/Young entrepreneurs/Stakeholders of family businesses can participate. Experts on the subjects PFBI CEO Natarajan Krishnan and SVM Sastry, Senior Consultant, PFBI, Head of Research and Case Studies will conduct the session. For participation, contact – M K Kiran 9844785965.