The family-owned business is a very complex entity and therefore it needs a bit more thinking and training as its impact is immense in the business environment, said Sunil Kant Munjal, Chairman, The Hero Enterprise.

At a panel session of Madras Management Association (MMA)’s Annual Convention 2020 here, he pointed out that more than 80 per cent of issues in family-owned business are actually identical around the world. The solutions, however, are unique to each family. Broadly it is not different, only specifics change, he added.

Explaining further, he said there was a built-in conflict in family-owned businesses. In a family, we need to follow a socialistic pattern, but in business, it can’t be. Because you want the right person for the right job and want to recognise those perform well and want to give better compensation to them. So there is a built-in conflict, he said.

Thus, it is absolutely critical that the next generation of entrepreneurs and owners and promoters of family-owned businesses are given the training to be not just good managers but also owners, Munjal felt.

Discussing the next generation family businesses, he noted that it was a well-known fact that the most family-owned business got destroyed by the third generation. “We sensed it early on to make the next generation how to operate with humility and respect. Many of our next generations have adapted to similar styles of our generation and continue to practice to be frugal, fair and giving,” he added.

He went on to say that the subject of family-owned business was a very fascinating one. There is a lot of research going on in the world, especially in universities, business schools and business consulting firms.

Preetha Reddy, Vice Chairperson, Apollo Hospitals Group stated that the businesses should never lose people connect. Also, the art of listening is very important and one might lose the opportunity of learning if you don’t have the art of listening.

She felt the businesses should also contribute to nation-building and felt happy about Ayushman Bharat health scheme. “It might hurt the private sector healthcare, but opens doors for so many people who are in need of such schemes.”

Anil Rai Gupta, Chairman & Managing Director of Havells India pointed out that relationship is the most important aspect - be it in family and business - and we need to keep building and nurturing it. “We, as citizens, must say we are the blessed ones as we live in prime period of India – which is going to be the fastest-growing economy for the next decade or so,” he added.