People are startled when presented with the fact that approximately 90 percent of world commerce is in the hands of Family Owned Businesses. Family businesses contribute between 60 to 90 percent of the GDP in their respective economies, are the largest employers outside of the government and deliver better profitability, consistently, 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, throws up some recurring reasons for the failure of family businesses to be multi-generational. These include, among others:
- Lack of succession planning
- Failure to manage conflict
- Inability to differentiate between Ownership and Management
- Unwillingness to ‘Let go’
- Inadequate focus on Corporate Governance
FAB – Families And Business is a boutique firm set up with the objective to help the family business owners understand these above mentioned, and other issues they need to address in their family if they want to build a family business that lasts generations.
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. The FAMILY STRATEGY is a masterplan for the family to achieve their long-term goals, meet the expectation of each member of the family and, most importantly, foster good interpersonal relations between the family members.
Global research has shown that a FAMILY STRATEGY increases the longevity of the Family Business to more than just one generation.
If you want help in building your FAMILY STRATEGY you could contact Sonu Bhasin on Linkedin
The objective of FAB – Families And Business – to build awareness about these above-mentioned, and other, issues that need to be addressed in families – is also met through various outreach channels which include:
Families & Business magazine: This is India’s only stand-alone magazine that addresses the concerns of Promoters/Family Business Owners/Entrepreneurs. Magazines
The YouTube Channel: The videos of family business owners and experts provide practical insights into the complex matters affecting the families. Youtube Channel
Sonu Bhasin is the Founder of FAB – Families And Business. She is also the Editor – in – Chief of the Families & Business magazine.
Juggi Bhasin is the Editor of Families & Business magazine. He is also a leading and bestselling author of thrillers -spy,geo-political, murder-mystery and psychological – genre.