Family Business

Bridging the Gen Gap.. Its possible :)

         Family Businesses has a major contribution to the Indian Economy, apart from startups, family businesses enhances employment much more than the MNCs and giant corps does. There was a time when family business was labelled as "certain community idea" but things have changed now but challenges remain the same. I myself have been involved in my family's manufacturing business for quiet some time now and i have been facing quiet a few challenges which em sure most of you face as well. We cant blame the elders {father, uncle, grandfather} for their way of running business, because they have started it and are running it for decades, but now as we are taking up, there are certain changes in the work which we like to bring but is often not well taken by the elders, lets highlight some of the solutions to such problems which i have used myself and is really effective.

• Use external source: By this i mean try and bring letters or articles from newspapers or magazines or websites or blogs{like mine :-)} to show them the authenticity of the idea. Convincing them that such plan has been implemented somewhere and is successful will add a big push.
• Write down your idea: Instead of discussing it verbally, which may also lead to arguments, if you present the idea in paper using diagram or facts, it will make them hard to ignore what you have in mind. Plus it will also give them time to consider your contribution.
• Ask for your control: If there is a part or department at work where you think you can make a major contribution, ask for full authority. This will automatically make the elders focus more on that particular department and they will surely boost your morale.
• Fix a transition plan: Don't feel shy to talk to elders to make a transition plan (a plan that focuses on who will take over what). Indian children aren't very comfortable talking about it, but if there is not a proper transition plan, business may fall later and may often lead to courts.
• Focus on the chair: There are many people particularly in Indian businesses who have their eyes on the business and they will be willing to find loopholes so that they can take advantage of even a minor error, the business belongs to you, treat it like your baby and protect it, if you let loose now, in the long run it will kick your rear back.

    You may not always get full support, there will be times when your ego may get hurt but you have to be strong enough and get your work done. Every father will be proud of you once you show them the results, plus that director's remuneration package adds to your celebration :)

Cheers

Akash Poddar