Writing is Easy, not Living: Challenges in Implementing Family Business Constitutions

in newspaper articles, The Economic Times

Nupur Pavan Bang, Anil Sainani, Kavil Ramachandran Drafting a constitution for the family business has gained popularity, with many wishfully viewing it as a cure-all for their current and future challenges. While creating a constitution is essential, families should understand it merely marks the initial phase in fostering a cohesive family business. In realityParadoxically, numerous families face difficulties in actualizing the principles outlined in the document into practical, everyday reality. We discuss here the key challenges encountered in implementing a family business constitution. Concept of Family Business Constitution (FBC): There are fundamental differences in the two systems of family and business, necessitating...

28 May

0 Comments

Sticky

Strategies for Effective Implementation of Family Business Constitutions

Posted by BAF Consultants

in newspaper articles, The Economic Times

Nupur Pavan Bang, Anil Sainani, Kavil Ramachandran The awareness and prevalence of Family Business Constitutions (FBCs) amongst the business families in India is rising. While many families boast of meticulously crafted constitutions, a significant gap often exists between aspiration and reality. Despite their existence, these documents frequently remain dormant, failing to permeate at the strategic, operational, and even familial dynamics level. This article explores strategies for the effective implementation and bridging the divide between the aspirational ideals outlined in the constitution and the lived reality of day-to-day interactions, long-term strategies, decision-making processes, and familial aspects of harmony and togetherness. Strategies for Effective...

24 May

0 Comments

Sticky

Strategies for effective implementation of family business constitutions

Posted by BAF Consultants

in Articles, The Economic Times

The awareness and prevalence of Family Business Constitutions (FBCs) amongst the business families in India is rising. While many families boast of meticulously crafted constitutions, a significant gap often exists between aspiration and reality. Despite their existence, these documents frequently remain dormant, failing to permeate at the strategic, operational, and even familial dynamics level. This article explores strategies for the effective implementation and bridging the divide between the aspirational ideals outlined in the constitution and the lived reality of day-to-day interactions, long-term strategies, decision-making processes, and familial aspects of harmony and togetherness. Strategies for Effective Implementation Cultivating Mindset and Behavioural Shifts: Central to successful implementation is a paradigm shift...

24 May

0 Comments

Sticky

Writing is easy, not living: Challenges in implementing family business constitutions

Posted by BAF Consultants

in Articles, The Economic Times

Drafting a constitution for the family business has gained popularity, with many wishfully viewing it as a cure-all for their current and future challenges. While creating a constitution is essential, families should understand it merely marks the initial phase in fostering a cohesive family business. In reality, numerous families face difficulties in actualizing the principles outlined in the document into practical, everyday reality. We discuss here the key challenges encountered in implementing a family business constitution. Concept of Family Business Constitution (FBC): There are fundamental differences in the two systems of family and business, necessitating clarity across various levels to ensure the enduring strength of the combined entity. Serving as a guiding...

08 November

0 Comments

Sticky

Preventing family wars: How to avoid conflicts in family businesses

Posted by BAF Consultants

in newspaper articles, The Economic Times

Family businesses are captivating as their values are naturally woven in the company’s culture and they create a multigenerational legacy. However, at the same time, they are at risk to Family Wars that can engulf them. War is a strong word, but feelings run high enough in families to merit it as rightly pointed out in the book 'Family Wars: Stories and Insights from Family Business Feuds' by Grant Gordon and Nigel Nicholson. We have seen tragedies where a once legendary business empire disintegrated into small units. Hinduja Family Group, one of the world’s largest conglomerates, seems to be under...

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

The Economic Times

Writing is Easy, not Living: Challenges in Implementing Family Business Constitutions

Strategies for Effective Implementation of Family Business Constitutions

Strategies for effective implementation of family business constitutions

Writing is easy, not living: Challenges in implementing family business constitutions

Preventing family wars: How to avoid conflicts in family businesses

Induction of Next Generation in Family Business