How this Patel couple built a unique family business

In most cases, family businesses mean the head of the family building a business, with others in the family taking up the mantle. The Patels’ are an interesting story where Kiran C Patel, a doctor-turned-entrepreneur who hailed from Zambia, made it big in the United States, with the active support of his wife Pallavi Patel, who is also a doctor by profession.

“He will never leave her, at any point in time,” says an entrepreneur, who has been following the success story of the Patels.

When asked how true it is, Patel, who is known as Dr K among business circles, would have a hearty laugh. “Yes, of course. I buy all sorts of things (businesses). It is her duty to clean it up,” he says.

Pallavi, standing by his side throughout his stay here, nods as he mentions about her role.

“Yes. Soon after he buys something. I look at the overheads and cut all the unnecessary expenditure. It helps in improving the bottomline,” she told businessline.

Born and brought up in Zambia, Patel studied medicine at Gujarat University, did his internship in Africa, and moved to the United States to start his practice.

A serial entrepreneur, Patel invested in several firms, including Axiom energy Conversion, Anupam Rasayan, Morphogenesis, and Concept Medicals.

“I am on track to create 11 unicorns. Some of them have already become one. The sixth one is in Surat, Gujarat. It is a medical devices company that invented a balloon, which is crucial in coronary arteries,” he said.

Never have a Plan-B

He has advised entrepreneurs wannabes not to have a Plan B. “There should be no Plan B, if you have a Plan B, you sure are going to fail because you will fall back to Plan B, and therefore, I believe that you should stick to your plan,” Patel has said.

“The journey is going to be risky sometimes and lonely because you are on a highway that you are building for yourself,” he said.

His businesses include luxury real estate development, medical software, healthcare solutions, commercial property acquisition and management, restaurants, and personal aircraft.

Citing ups and downs in his entrepreneurial journey, Patel said entrepreneurs should have a strong determination. “One should not lose sight over the target that one has set for oneself,” he said.

“Lots of people will be there to tell you why you should not do it. Confidence should be ingrained in the character of an entrepreneur,” he said.

With the next generation (one son and two daughters) with education in business management and medicine ready to take the baton, Patel said he would still believe in his instinct in making business decisions.

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