Would you wait until many hundreds begin their family transformation so it feels safer for you to follow the pack (and lose the share of advantage you can gain or even lose family altogether)?
The opportunity is too big to miss for the family business ecosystem which harbours millions of family businesses, and new hundreds who join the ecosystem every day. It is estimated that India gains 70% of its economic contribution from family-run businesses making it USD 3 trillion mark (excluding the cash economy in the country) per year.
If the family businesses choose to transform, the total gain of the family business ecosystem can cross roughly an annual revenue of USD 60.27 trillion by 2050. (You can still consider this amount excluding huge cash our country is poised and somewhere hold pride for).
This transformation entails family businesses to consciously choose for family side of transformation. In simple words, institutionalising the way in which the family operates. Those who become well-structured, well-governed, and well-run in the next five years could join the elite club of family businesses. And 1% of these could hold upto 90% of this annual revenue of USD 60.27 trillion.
Can you imagine yourself in that 1%?
And more importantly, what can help you bring impact in the world, in society, in community, in environment and planet as a whole and ultimately, your esteemed family whom you love?
Needless to say that those family businesses who do not take a timely step will lose the opportunity or the family altogether. The time will require family businesses to institutionalise making them:
- A family enterprise that is throbbing with love & thriving with exponential growth
- An enterprise that is committed and capable of accomplishing tremendous results effectively, staying noble to cause, successful with meaning, abundance tuned, and ensuing all goodness that the highest consciousness can bring in the lives of the human being
- Putting it simply – It will be a systematic transitioning from being a traditionally run family business to an organised, structured, well-governed, disciplined and decisive family enterprise. This transition is acutely customised as per the family’s mental model, beliefs, principles and dynastic thought processes for success, meaning, abundance, and harmony specifically suiting the family’s core identity.
Hence, the process of family transformation is meticulously designed as a step-by-step approach for 3-5 years, creating a newer state that is transformative in every sense of existence for family business growth & harmony.
In Indian Family Businesses, what usually hinders tapping this opportunity isn’t even supposed to be coming in the way. What stops them from initiating this massively beneficial, generationally promising, and timelessly strong foundation that only yields the ultra-dynastic family’s imagination, vision and dreams?
While working with powerful HNI, UHNI and their wise patriarchs, one of the most persistent and recurring observations of what stops them has been their fear that institutionalising would mean compromising the roots and traditions of the family along with its age-old valuable sentiments.
During these high trust, open & honest, private coaching conversations where the coach and the process help them reveal and empathise with their deep fears, doubts, desires, and valuable sentiments, I could share a humble, yet formal remark that family transformation does not mean leaving the eternally wise & wealthy roots of traditions. In truth, it is to embrace, harness, leverage, and give all timeless wise beliefs and related traditions more wingspan to fly with deeper respect for generations to come.
The fear in patriarchs usually (not always but at large) about affecting these roots that have served their family business from the ground up is the primary concern or fear which hinders the go-point for transforming family and its business.
Without exercising careful empathy towards this fear, family business owners and patriarchs on surface would appear authoritative in outlook. Although, in most cases, they are the true entrepreneurs who love continuous growth and are faithful stewards who commit to the family to remain united. Once they learn and secure their confidence on the nature of family transformation drive, cancelling their fears and honouring their timeless principles – they put their entire weight into promoting and participating in family transformation as they are able to see what it brings for them, their family, the business and the collective future.
Thus, why would they come in the way of transformation? There is no reason for it.
Once the confidence is secured, how does a family transformation drive begin…
By revisiting and strengthening further these unwritten principles, beliefs and traditions with openness, serviceability, continuity, the consciousness of relevance, as the first baby step. This would give way to the multi-generation shared written principles, values, beliefs, expectations and traditions – which will be clearer, firmer, simpler and stronger.
This above baby step is a small part in the direction of engineering an unending adaptation of the family constitution and family governance to build a promising family enterprise. The family constitution forms the bedrock of timeless results, relationships, legacy, love, harmony, unity, too-much-fun, balance, discipline, continuity, growth, success, meaning and abundance in every way you want, desire, deserve, and work for.
The cry is – don’t leave the roots that give identity, success, and meaning but let go of all that that withholds the future progress, continuity, acceleration, adaptation, relevance, and most important of all, growth for all members as great individuals across all generations of the family in their own unique ways.
Often, family business owners and patriarchs fear that having family transformation would change their family’s beliefs and old proven support system of traditions and thought processes.
Contrary to this fear – the family constitution leads to an all-inclusive binding, maturing all individuals, and never drop the ball of understanding where individuals are coming from in their logic, emotions, and spiritual sense – the process clarifies, heals and unifies the family as a whole meticulously and powerfully.
The process of transformation galvanises members to head, heart, and soul, becoming one in core identity and exercising unique individual qualities of each member. Hence, enabling all age-old beliefs and traditions that have played a pivotal role in creating prosperity and preserving love find a rather more atomic presence in this constitution development.
All fear-led emotions will all get dissolved. The process will create a timeless prowess and power of wisdom & traditions. This would renew the eternal binding and put in place a constitution and governance, with 100% adoption, acceptance, agreement and love.
I urge you to pause and reflect.
Think – all that you have created till date was once only imagined or even not imagined, yet you are blessed with so much more, and hence, I want you to encourage yourselves to think where you want to take your life and everyone else’s life in your family. Near and far future?
Your thinking, feeling and believing about this newfound future will begin the first baby step awaiting for decades to be taken for the institutionalisation of your family enterprise.
You don’t have to aim for becoming TATA or Walton’s of the world, but you become what you are born for? What do you mean for? What do you believe your life purpose is for? You simply don’t have to choose anyone but forge your own identity to create an altogether unique and beautiful existence that only you can create for yourself and your family.
Family constitution and Family governances are mere means or tools for this journey of the spectacular future-that-matters to carry, inspire, support, and guide all the family members together to march towards that future.
Nothing changes until changed!
Why wait! – please ask yourself.