Mumbai, 3 September 2020: A webinar on ‘Family Managed Business- Preserving the legacy’ was jointly organized  by Ficci Flo & SPJIMR to discuss the challenges and opportunities of the family business while delving into contemporary issues related to professionalization, digitisation, global expansion, business operations and succession.

The session explored areas of co-existence of the manager and family owner, professionalism in family based business, technological adoption, preserving the legacy and the future of family based business.

The Panel Members included, Ms Tulsi Jayakumar, Professor, SPJIMR, Ms Aditi Kothari, Director, Head- Sales, Marketing & E-Business, DSP Investment Managers, Mr Manish Choksi, Vice- Chairman, Asian Paints Limited. The session was chaired by Ms Maloo Natarajan, Chairperson, FICCI Ladies Organisation, Mumbai Chapter and moderated by Ms Radhika Dhir, Former MD at Deutsche Bank.

Ms Maloo Natarajan, Chairperson, FICCI Ladies Organisation, Mumbai Chapter who opened the session for panel discussion said, “Family enterprises are key catalysts for growth and integral to most economies. Operating in markets with significant potential, these businesses offer stability to the economy, are optimistic about growth, drive job creation and have a long-term view on growth and profitability.”

Ms Tulsi Jayakumar, Professor, SPJIMR while speaking on digital adoption and agility said, “On multiple matrices, family businesses would be very agile and flexible. They would be faster to change then the company which is functioning in a more bureaucratic way. I have witnessed many large corporations which have started functioning like the family managed business, empowering their managers to go out and take the decisions on their feet.”

Ms Aditi Kothari, Director, Head – Sales, Marketing & E-Business, DSP Investment Managers said, “While stepping in the family business managed by professionals the first thing is to shed the ego and complement each other for enhancing value to the business and shareholders.”

When asked on looking at business differently than her father, she answered, “The way I think about everything is more process oriented and with scientific approach. I try to drive people to think in a more organized manner, coach people to learn and automate.”

While sharing his views on the professional culture at Asian Paints, Mr Manish Chokshi, Vice Chairman, Asian Paints Limited said, “We were fortunate that our first generation was aware of need to enlarge the management team and bring in professionals and integrate them for a larger role. They learned to manage the complementary scales that came along through a gradually mature learning curve. Non-family members, advisors and independent directors, have played a critical role in helping us in crucial situations.”

Hemendra Kothari, Chairman, DSP Investment Managers, a who was present at the webinar expressed, “In the legacy business, the ethos of the founder might not necessarily match with 4th or 5th generation. Hence, while someone is entering the family business, whether he/she chairs or hold majority shares they need to bring in better professionalism and give them freedom to operate.” ENDS

About FICCI Ladies Organisation Mumbai Chapter:

FLO is the women wing of the Federation of Indian Chamber of Commerce & Industry (FICCI). FLO was established in 1983, as a division of the Federation of Indian Chambers of Commerce and Industry (FICCI) which is the apex body of industry and commerce in India. FLO has been promoting entrepreneurship and professional excellence among women through workshops, seminars, conferences, training and capacity building programmers etc. As an All India Organisation for women, FLO has 17 Chapters pan India – Ahmedabad, Bangalore, Bhubaneswar, Chennai, Coimbatore, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Kanpur, Ludhiana, Mumbai, Northeast, Pune, Amritsar, Northeast & Uttarakhand, with its Head Office in New Delhi.  Its members comprise of entrepreneurs, professionals and Corporate Executives.