Indian Family Business: Do you want to hear what you need to hear or what you want to hear?

By SOCH Business Mentors LLP Posted March 29, 2022 in Family business

Indian Family Business: Do you want to hear what you need to hear or what you want to hear?

The difference will open (or close) the pathways for achieving family business global competitive edge with love & abundance. 

Before I write, I want to thank you all for encouraging us for writing what truly matters. Which isn’t usually what people want to hear. I am indelibly grateful for all the sheer attention you give to these Tuesday emails suggesting that we are adding value to your family businesses in some shape and form. 

A special thanks to all who took their valuable time to share what they want to know, learn, hear, and why. And how much impact these findings and thoughts are making on them individually and their family businesses. 

Coming to the question asked above – Suppose you choose what you needto hear and not what you want to hear.  

This choice will enable and empower you to open the pathways for achieving your family business’ unmatched global competitive edge in majestic and formidable ways, keeping the constancy of flow of love & abundance almost timelessly. 

If you choose to hear what you want to and not what you need to, I am afraid the descent won’t stop rolling until a standstill or worse. 

Both choices are okay because you are ready only when you are ready! No one can make you ready to listen to what you need to and be thankful for it, and capitalise on every ounce of what you hear as you must.  

We grow together from here for those who are ready and humble enough. 

We all know that – people change, brothers change, sons change, fathers change, and every relationship changes. Practically, everything visible or invisible changes. 

Change isn’t good or bad in itself. 

You and your brother don’t know who they will become in ten years, who they will be, what they will care about most, and what they will not care about. No one in any form of relationship within family businesses know. 

There has always been an informal or semi-formal form of systems and means that have held the grounds in a family business making them reap growth and generate wealth for ages. However, the informal rules, policies, and systems founded for one or two generations begin to show their limits after a certain point. 

Even so, the emotional attachment with these old systems, by all members sometimes, is significant and even fanatic in some family businesses. Their emotional attachment makes them to not dare and care enough to shift from the current status quo.

This state of mental affairs stops them from thinking, exploring, questioning, probing, and creating a formal structure, systems, rules, and relevant mechanisms that would be their only rescue and source of long-term winning edge.  

I am convinced that many of you take sincere and inward reflection considering the current stock of world situation. If you observe broadly - Does the accentuated high clock-speed of change all around inform your decisions for designing your family business for long-term success, significance, and love? 

Do the global sentiments, the economics, the political landscape, and the factors such as rapid technological advancements guide your future design of family business?Its governance and strategy function? And everything else really that you need to create formidable decisions securing the core of family and business whilst continues flourishing in changing times. 

Have you figured out how you would weave a winning streak and delicate risk management approaches right to the core of the formulation of family business strategies? 

Your goal shan’t be figuring as much as accepting first that you require to revamp, re-engineer, or require a comprehensive reform in designing the architecture for family enterprise – to preserve, protect, and prevail growth & love both, unconditionally. This acceptance is a game-changer. 

The architecture of your family enterprise will be embedded in two major core structures of your family business—first, The Family Operating Model and second, The Business Operating Model

I will not discuss the TOM (technology operating model) that would accelerate the exponential global growth maintain the poise and stature of the business character worldwide, reaping astonishing advantages. 

These operating models form a part of your Family Enterprise’s long-term success & significance — The following major elements makes them up: 

  • Future proof, resilient thought structure, leadership structure, governance structure, business & organisation structure at the top level. The key is the structure of your thinking, guiding and shaping all the above for results
  • Decisive and formidable governance, 
  • Coherent leadership and united leaders 
  • A long-term family business strategy, and 
  • Planned succession for unstoppable growth and family harmony  

I would suggest for you to not think at the moment about what these elements are. 

For a while, let’s call the above elements an unyieldingly powerful disciplineelement for ever-growing the winning legacy of your family enterprise. 

These discipline elements are born out of the listed questions below that only you can answer: 

  1. Do you want your family business to have continuous progression creating wealth, abundance, peace, harmony, and love in your family business? 
  2. Do you believe more fun, and abundance are on the way when the unity of the family is consistently leveraged, exercised, and strengthened? 
    Every action, decision, behaviour, and business dealing creates an exhilarating speed of business growth, adding to a shared spirit. Basically, from the kitchen in the home to boardrooms, this unity, when genuine and growing, is reflected in the lives of every individual in the family and even the business 
  3. Do you want the family enterprise to quickly find its way while striving and cruising with high-speed growth and have momentarily lost its way or side-tracked? 
  4. Do you value the recognition your family deserves through their results in impacting the lives they touch, the wealth they create for themselves, and the attached ecosystems they operate in? 
  5. Do you value and desire all members to be respected & rewarded fairly in lifestyles they love and in work contributions they choose to express their competence? 
  6. Do you want every brother to exercise their liberty and freedom responsibly and align to all shared interests for generations to come that the fun of living never runs out? 
  7. Do you want no disputes, conflicts, deterioration in the relationship beyond a manageable and happiness affecting stage? 

If any of the above questions receive your thoughtful yet astounding yes, in that case, the leading question will be how do you build an architecture of your family enterprise that earnestly and generation after generation grows in all dimensions you care – love, prosperity, abundance, stature, identity, social, spiritual and lifestyles? 

When you begin resolving the above question, you are on the path of manifesting what it truly takes to achieve continuous outsized growth and harmony to remain a permanent gift to your legacy for generations to come. 

In our twenty-five years of helping family businesses with the accomplished status of global UHNI or holds a disposition of UHNI that matters more, the journey they have chosen to commit to building the architecture of family enterprise to its nitty-gritty has made them incessantly focus on absolutely nothing but enjoying fullest their lives, loved ones, super wealth with outsized growth and superior meaning year after year. 

I hope this write-up ignites the thoughts needing to shape what is possible and not restricted to what you want.