Family businesses today employ half the world’s workforce and generate more than half of the global gross domestic product. In India, as much as 71% of the Bombay Stock Exchange capitalisation is contributed by companies run by families, and an even bigger majority of private firms. They are the largest employers and job creators in India. They are more likely to invest and work towards the long-term and are less likely to be carried away by short-term pressures. And yet, it has been observed that:
- More than 70% of family businesses perish beyond the 3rd generation
- 8/10 global FMB owners are concerned about the threat from technology advancements
- 75% of FMB owners believe that a clear sense of values in their business gives them a competitive edge
Led by Dr. Ram Charan, world’s #1 Global Business Advisor to Fortune 500 companies, CEOs, and boards; the Masterclass is developed in close collaboration with leading chairs and key players from the top Indian family managed businesses. The curriculum is built around the 3 key elements that are imperative to the survival of a Family Business today; Leadership, Strategy and Governance.
Leadership in family businesses demands understanding the family, business and workforce, creating a consistent flow of values and vision in every activity, and identification of the potential heir of business to create a legacy based on trust and commitment.
Strategy comprises of transformational changes in the business, necessary to remain relevant and develop a sustainable business.
Good Governance practices can bring professionalization in the business, foster inter-family communication, improve work-family balance and charter family dynamics for overall growth.
A threadbare discussion of these elements can change the direction of the business from downfall, to gaining relevance in today’s market.
Dr. Ram will hand-hold and address your concerns to tackle these destructive, yet surmountable challenges, and will help you be future-ready by creating an alignment that places the Culture, Values, and Goals of the family on the same plane as that of business.