Pranav Sayta, India Family Business Leader, EY.
Succession is one of the most critical issues encountered by family businesses. Several factors including family dynamics and the emotional connection that family members feel toward their businesses can make addressing succession a complex issue. Continue reading
Nadir Godrej, Managing Director of Godrej Industries and Chairman of Godrej Agrovet
Nadir Godrej, is not only a great leader of a highly successful family business, but also a poet. His ability to put in rhyme some of the most crucial issues in business is well known, telling in rhyme some hard truths and sharp observations. Read Nadir’s family business poem here. Continue reading
Peter Englisch, Global Family Business Leader, EY
Ever wonder what holds the world’s largest family businesses together?
One word: philanthropy. Continue reading
“We should look to the future, but we should never forget the past,” says Karl-Friedrich Scheufele as he sits in the private Chopard museum in Geneva recounting the story of his family’s business.
John Perkins was 12 years old when his parents, Doug and Mary (now Dame Mary), launched Specsavers from their Guernsey home in 1984.
Even as a boy, Perkins played his part in the family business. He spent his formative years driving up and down the UK looking for potential store locations with his parents and remembers calling to get sales figures from individual stores at the age of 14.
These days, corporate philanthropy is big business, and companies are giving more and more as part of their corporate social responsibility efforts.
Family unity is a number one issue families should deal with if they want long-term business – and family – success. Put simply: if family members love and respect each other, it doesn’t matter what’s going on in the business. They are going to want to work together. When families are united, failures are met with support and viewed as educational possibilities, not as reasons for emotional conflict.