So, what if it’s the epic opportune time for Indian family businesses?

By SOCH Business Mentors LLP Posted April 26, 2022 in Insights on Family Business

So, what if it’s the epic opportune time for Indian family businesses?

Do we remain what we are or question what we are and make the necessary uncomfortable changes?

There are talks about the Indian economy reaching a GDP of USD 30 trillion by 2050. There have been reports published in the public domain back in 2012 by Knight Frank and Citi Financial about the World Wealth by 2050. Evidence suggests close to 3 times USD 30 trillion GDP as per this report.

The fact remains unchanged. Who are the mass beneficiary and mass bearers to bring the most significant portion of this economy? From time immemorial to times ahead, Family Businesses form more than 70% of the overall economy of almost any country. Indian family businesses are exceptional because they form a large portion of their footprint as a family business in any significant economies worldwide.

For such an economical vertical climb, what we have never seen yet is the upheaval of an unknown kind. And many of such upheavals with multi-fold disruptions in them poised to flourish those who are prepared and engaged with readiness to transform and equally poised to bring carnage to be unprepared, egotistically led, not ready as much as needed to win and similar family businesses.

The excellent news is that family businesses have all it takes to plunge their head, heart, soul and money into investing in enabling them to become the one who flourishes and enjoys the fruits never imagined by many.

The choice is yours. Remain old school bound and enjoy false power and status quo laden with self-image or become a devoted and focused transformation ready engine of growth.

Questions family businesses must ask themselves and discuss openly in their family meetings to open minds and purse strings for investing in future of business and (not personal assets again like old school lands, international bonds, and jewelry for the safety of future).

  1. How do we keep blood bonds more and more substantial, wiser, valuable, and harmonious for generations? Are we emotionally ready for this growth? Do we understand what emotional wellbeing will be affected during such tsunamis of external disruptions?
  2. Are we financially ready to invest massive money and energy in learning and transforming ourselves from bottom to top and many loops until we become eligible for abundance and victory?
  3. Do we understand the impact readiness we must prepare our current generations, stewards above current leaders in force and next-generation leaders?
  4. Do we understand what it would take for our family enterprise to thrive in waters never sailed before at the planning level?
  5. Do we understand the impact of such external disruptions on internal dynamics in the family?
  6. Do we care enough to honour truths, let go of fearful and false ego, and invite courage to guide us with growth mindset?
  7. Do we understand what it will take to become even an average beneficiary during such an exponential growth era?
  8. Have you calculated the strength of grip that would be required on our family structure, family spiritual sharpness & well-being, family emotional sharpness & well-being, family financial sharpness & well-being, family creative intelligence & problem-solving speed and ability and much more?
  9. Ask family members, especially women of the family, how do they feel if they are told about the voluminous & tumultuous ride that needs to be expected for prosperity and glory? And the awareness that should we fail, then we would be history.
  10. What decision model would you require to match the pace of change and breadth of uncertainties for the massive growth opportunity that it would present?
  11. What love and harmony related institutional structure do you require to protect, preserve, and prevail for the family to last as a constantly growing force of prosperity and well-being of all stakeholders?
  12. If there be 28 years left for the tipping point, is this how much time you even really have or is something else you must consider to begin decisioning from?

Many other relevant and rather more brutally essential debates and questions you may like to gather the courage to hold and arrive at an execution level decision.

A decision that makes pivot towards the growth and happiness.

With our clients who get humbled with what they accomplish working with us on their personal, family and business pursuits — often towards a remarkable vision beginning with them needing clarity. A clarity that they believed wasn’t either needed or necessary or felt pulsating always under the surface but needed a process to build their courage and logic, to face their dogmas and fears rather confidently.

This is when game begins and the road ahead for many is real long they realise.

Don’t make that mistake of awaiting any longer in these golden years ahead and don’t waste time in having this courage and clarity be gathered for a historic win that you may have which last beyond your recognition.

Begin the debate and use professionals who could infuse healthy, insightful and expert inputs to help you arrive at the judgment of collectively arriving at what to do and how in utmost meaningful, sensible and methodical ways.

Need no more saying. Time to realise that we have no time!

Hope this helps.