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Strengthening Relationships- The Master Key Introduction

Members of Family Businesses call it the “Ego to Wisdom Master Key”. The process of moving from Ego to Wisdom is difficult, however those business families which have worked on this key aspect, have emerged stronger. It has made a magical difference in their relationships and has had an exponential impact on their business growth. The recent feud in the Munjal family around the rights of use of ‘Hero’, the brand name for electric two wheelers, is potentially an issue which could create stress amongst the concerned family members. We are surrounded by incidents such as this in family businesses. Issues...

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Amicable Separations In Family Businesses

Having an Exit Policy in place even where there is no talk of exit is crucial. Also, where exit must be done, a common set of accounting, tax and legal advisors and a common facilitator is essential. Family businesses, especially organised one (say with assets over Rs. 50 crores) of today's world are like zamindars, landlords and kings of the days gone by. They signify wealth and power, the two most important pursuits of the majority of the people, more so in today's world. On the positive side, wealth and power make our lives comfortable and give us opportunities to make a...

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