The other day I was chatting with an old friend from my school days. He was working in an MNC in a senior role and had retired on completing 60. He has no clue how he wants to spend the rest of his life, even after 2 years into retirement. He is depressed thinking he […]
Sometime back a highly successful colleague was regretting not taking many holidays in his long career of over 40 years. He is financially well off, but now his wife is not keeping well and he is unfit to enjoy simple physical exertion involved in vacationing. Even temple visits for both of them are painful. He […]
I have good personal experience of several widely different family-run businesses. I have found that organizational culture is prone to be influenced by the owner’s family culture, attitudes, values, and worldview. It is fascinating to see it play out in interesting ways. India is a large country. Cultural traits in one part of the country […]
Research says that an organization, family-managed or not, is expected to go through several stages of evolution. See the figure below. Startup phase Do you think that your firm is at the startup phase? During this phase, the culture of the organization is indistinguishable from the culture of the founder/owner family. The number of non-family […]
Top 500 family businesses worldwide contribute roughly 9 trillion US dollars to the global GDP and employ nearly 25 million people. According to the US Bureau of Census, 90% of American companies are family-owned or controlled and account for 50% of the country’s employment. In India, family businesses contribute over 70% of the national GDP. […]
According to statistics from the Family Firm Institute, family companies generate 70% of annual global GDP and create 50–80 % of jobs in the majority of countries worldwide. It is futile to strive for platinum standard human resource management with silver standard family governance. Mahatma Gandhi had aptly said, “Be the change that you wish […]
