"Family businesses continue to play a catalytic role in nation-building"

The share of contribution of family businesses to the economy and their catalytic role in nation-building have been growing steadily in recent decades, according to experts on family business.

Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business organised an online panel discussion on June 25, where captains of Indian industry reiterated that family businesses in India played a significant role in socio-economic transformation of the country and will continue to play a more important role in nation-building.

Sharing his insights, Farhad Forbes, Co-Chairman, Forbes Marshall, said due to the inherent spirit of entrepreneurship, family businesses over the years have sustained themselves very well, and with the new opportunities coming up, the next generation is well poised to steer forward their organisations to the next level. Family businesses will continue to be a significant force in the transformation of the country. He encouraged the next generation to pursue new and untapped areas which are aligned with their family business legacy.

Puneet Dalmia, Managing Director, Dalmia Bharat Group, said family business is known for being most adaptable, and this principle is enabling family businesses withstand the pace of changes and disruptions. Stable shareholders, risk-taking ability and entrepreneurship spirit have been some of the key hallmarks of family businesses.

Meher Pudumjee, Chairperson, Thermax Limited, called on the need to offer space for next generation to pursue their new ideas, thoughts and aspirations. There are many ways for the next generation to contribute to the spread and growth of their family businesses.

She said having a strong and robust governance structure will go a long way in consolidating the family business structure.

The programme was also marked by the release of ‘Lasting Legacies - Championing Indian Family Business Growth’ publication, that captures the inspiring journey of Thomas Schmidheiny Centre for Family Enterprise at ISB.

Adi Godrej, Chairman, The Godrej Group, said he is looking forward for the Centre to play a greater role in family businesses.

Dr Thomas Schmidheiny, Chairman and Founder, Spectrum Value Management Ltd, said education is the most powerful way to create a positive impact in society and appreciated the Centre for being a path-breaker in family businesses and for making rapid strides in research & training. The newly released publication will highlight the thought leadership of the Centre.

Professor Rajendra Srivastava, Dean, ISB, called on the need to integrate innovation and governance in the family business structure.

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