Ludhiana Management Association organized a seminar on Professionalization of Family Businesses by Rajat Jain & Deepak Sogani, Cerebri Impact Partners, Gurgaon on 20th February,2017 in Hotel Park Plaza, Ludhiana.
Both the learned speakers are management graduates from IIM, Ahmadabad & have been holding position of MD/CEO in top-notch national & multinational companies for more than 25 years where they have successfully supported scaling of business & are known for their agility & execution focus. Mr Jain enjoys working with teams, mentoring & coaching people including start ups.
Mr. Rajat Jain emphasised the simple fact how most family businesses loose out on their business by second, third, or fourth generation. He recommended a true Constitution to be written by the founders and followed ethically and religiously if at all the families wanted their businesses to last down the generations. He illustrated that few family business that have lasted over time like Tata, Godrej, Murugappa, etc have followed a strict code of the Constitution.
Meanwhile, Mr. Deepak Sagoni said that there were three pillars to a family business – Personal Happiness, Family Togetherness and Business Growth. He expatiated that these three are inter-connected not just as concept but in real application and implementation of business. Elaborating further he said if one was unhappy, the other two could not progress, and similarly if the family was not together, neither the business could grow, nor the individual could achieve Happiness.
More than 70% of the businesses around the world are family owned and managed. These businesses face challenges not only on the business front but also on family front as along with the business the family also grows. There is a dire need to create a framework where the rules and roles are defined for the Family Members by Professionalization of Family Businesses.
Since Ludhiana is hub of family businesses, the session was attended by 200 industrialists, entrepreneurs, & professionals.