31 December

Sticky

Leadership transition in professionalising a family business

in Financial Express, newspaper articles

Ease of Doing Business for MSMEs: Amidst the pressures of today’s fast-paced and uncertain life, it is imperative to plan leadership transition in family businesses beforehand. Deep emotional acceptance, mindset shift, and working on an agreed plan is required both from the outgoing leader and their successor. Many family business owners expect their children to lead the family business without discovering whether they wish to do so or are capable of doing so. By Simran Senani Ease of Doing Business for MSMEs: Leadership transition in a family business is a deeply emotional yet crucial part of their professionalisation journey. Even though owners realise that transitioning...

30 December

0 Comments

Sticky

learn basic accounting in this free online cima

Posted by BAF Consultants

in Bookkeeping

Free Lectures & notes for Accountancy students The free Accounting course requires you to have no prior knowledge of anything. The course caters to everybody looking to learn Accounting from basics to advance concepts. This section explains the logical approach to maintaining records within the organization. These lessons use the analogy of water pipes and tanks to explain accounting methods to provide an intuitive understanding of how money moves around a simple, connected system. Register here to study for the CGMA Professional Qualification using the CGMA Finance Leadership Program guided learning and assessment route. Register here to study for the CGMA Professional...

02 December

0 Comments

Sticky

Incorporating a professional mindset across the organisation in family businesses

Posted by BAF Consultants

in Financial Express, newspaper articles

Ease of Doing Business for MSMEs: Building a professional culture begins with the promoters and senior leadership team becoming professionals in their attitude and behaviour. Many family businesses inherit the founding generation’s dreams, principles and behaviour which motivate them and set them apart. By Simran Senani Ease of Doing Business for MSMEs: “Family and Business are two of the most powerful forces in the world. Our families provide our nature in the form of our genes and much of our nurture. Businesses employ our most valuable resources – our people, our time, our capital. When combined, family and business amplify their impact and their complexity.” These...

29 November

0 Comments

Sticky

Why incorporating a professional mindset in family businesses is key to their success?

Posted by BAF Consultants

in Financial Express, newspaper articles

Ease of Doing Business for MSMEs: It is usually seen that many family businesses established well by the founding generation grow till their lifetime, however, very few are able to sustain that pace in succeeding generations as well. One of the key and crucial steps for the growth of a family business is embarking upon the culture-building journey. By Simran Senani Ease of Doing Business for MSMEs: Growing a business is no picnic. Understanding the market, hiring the right professionals, enhancing technical expertise, focusing on financial management, setting up systems and processes, etc. are all required on an ongoing basis. However, despite getting all these factors...

28 October

0 Comments

Sticky

Engaging the young in family business culture

Posted by BAF Consultants

in Financial Times, newspaper articles

Heads of family businesses must find new ways to engage with their children to help with the transition of values and knowledge Many family businesses today are struggling to ensure the transmission of family values to the next generation. “We live in the same house, but we barely talk to each other.” “How do we teach our children about what is right and what is wrong?” “So now I need help to talk to my son.” We hear similar complaints from many business families in the course of our academic work across India. With the diversion of the internet, the smartphone and Netflix,...

01 October

0 Comments

Sticky

Learnings from Next Gen Family Leader’s Dairy

Posted by BAF Consultants

in Coaching

“Hosh mein toh ho? Yeh civil contractor ka kaam khud karna chahti ho?” “Are you out of your mind? You want to work as a civil contractor?” My real journey as a next gen family business leader started 10 years ago with this dialogue. It was the first instance of difference in opinion between me and my dad. I was frustrated and hurt. At that point, I just had to agree with him and move on. A decade later, I’m much better at managing such differences, reining in the emotions and juggling between the different hats of an owner, manager and daughter. Or at...

30 September

0 Comments

Sticky

Rekindling Broken Family Ties : Is it Possible?

Posted by BAF Consultants

in Coaching

“Do you still regret the way we separated from the family?” worryingly asked Preksha Oberoi. She had not seen her husband so anxious & overwhelmed for quite a few years now. “No, it's not about regret. I do agree that we all could have handled the situation better. It’s just that I don’t feel like revisiting those events, it's somehow very uncomfortable ” replied her husband Mahendra Oberoi. Mahendra was apprehensive about what was awaiting him the next day. He had to face his siblings and participate in a discussion that had caused extreme disharmony and resentment in the family years...

07 September

0 Comments

Sticky

Growth Through Sustained Alignment

Posted by BAF Consultants

in Coaching

“Do you want some more rice dear ?” asked Swati Gehlot. Raju Gehlot didn’t respond. Sitting at the dinner table, he was completely lost in his thoughts. His legendary 100 year old family owned and led company was in a major crisis. Based in Surat, Diamond city of India, Everest Group has been one of India’s leading companies specializing in diamond mining and industrial diamond manufacturing. The promoters of this group are the Gehlot family, a third generation family business. The business is currently led by Raju Gehlot. The Gehlot family is historically close-knit and all the members have received a...

29 August

0 Comments

Sticky

1040 Form Schedule C Irs Form 1040 Schedule C 2019 Instructions Printable 2

Posted by BAF Consultants

in Bookkeeping

About Form 1040, U S. Individual Income Tax Return Internal Revenue Service If this information isn't provided, it may delay the processing of the return. Direct File is an option for eligible taxpayers to file their federal tax returns online, securely with the IRS. Go to IRS.gov/DirectFile to see if you qualify and for more information. You may only need to file Form 1040 or 1040-SR and none of the numbered schedules, Schedules 1 through 3. However, if your return is more complicated (for example, you claim certain deductions or credits or owe additional taxes), you will need to complete one...

22 June

0 Comments

Sticky

Induction of Next Generation in Family Business

Posted by BAF Consultants

in newspaper articles, The Economic Times

-TD Chandrasekhar, Partner, BAF Consultants & Simran Senani, Senior Consultant, BAF Consultants Introduction Growth and Perpetuation of family business depends on successful transition of the business to the next generation. Unsuccessful transitions often lead to the failure of both the business and the family. This article intends to focus on one of the reasons for this failure which is the inability of family businesses to induct the next generation in the business or because of the errors made in this process. Family Businesses Owners want their children to join the family business and usually do not even discover whether they are interested in joining...

Sitelinks

Author: BAF Consultants