Family run businesses are a significant segment of any nation’s economy. A family business can be a single-owner firm or a large industrial house. In India, Family Business contribute close to 25 per cent of GDP, about $670 billion (BCG 2020). According to Mint, only 12 per cent of family business make it to 3rd generation and 3 per cent make it to the fourth. Most family businesses fail to survive multiple generations because they do not address succession planning, risk management, and suffer from interdependencies between the family, the business, and ownership. COVID-19 has only accentuated the need for family businesses to build resilience, to survive and sustain black swan moments. Resilience is the ability of the family business to quickly adopt to any disruptions while continuing to protect business continuity and safeguard its investments, people and brand equity.
Thermax, Jagdale Group, Shahi Exports Pvt Ltd, Shahi Exports, Mysore Deep Perfumery, N Ranga and Sons, Rajoo Engineers, Fouress Engineering, and others have adopted the following principles to stay relevant and resilient in challenging times.
Long-term vision, tempered with realism
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