Here is a dramatic statistic: Approximately 90 percent of world commerce is in the hands of family owned businesses. What's more, family businesses contribute between 60 to 90 percent of the GDP in their respective economies. They are the largest employers outside of the government and consistently deliver better profitability when compared to their non-family-owned counterparts.
However, data also points out that more than 70% of Family Businesses DO NOT survive beyond one generation.
Research from around the world, including India, has identified a key set of reasons why family businesses fail to be multi-generational. These include:
- Lack of succession planning
- Failure to manage conflict
- Inability to differentiate between Ownership and Management
- Unwillingness to ‘Let go’
- Inadequate focus on Corporate Governance
This is where FAB – Families And Business steps in. Our objective is to help the family business owners understand, address and solve the issues listed above.
As the Founder of FAB – Families And Business, Sonu Bhasin has distilled her experience of more than three decades of interacting with hundreds of SMEs and MSMEs – patriarchs and inheritors –to launch her venture.
FAB – Families And Business and Sonu Bhasin work with families to help them build their family strategy – a blueprint for the family. Think of it as a masterplan for the family to achieve their long-term goals, meet each others' expectations and, most importantly, foster good interpersonal relations.
Global research has shown that a family strategy increases the longevity of the family business to more than just one generation.
For one-on-one consultation and help in building your family strategy, you could contact Sonu Bhasin on Linkedin.
We also invite you to browse and view our resource-rich outreach channels:
Families & Business magazine: This is India’s only stand-alone magazine that addresses the concerns of Promoters/Family Business Owners/Entrepreneurs.
Our YouTube Channel: The videos of family business owners and experts provide practical insights into the complex matters affecting the families.