PANAJI: How business families cope with generation gap to achieve sustainable profits and growth while keeping the family and the business together, was the subject of a small workshop organised by the CII- Goa, at Panaji recently.
The workshop addressed key issues such as family dynamics, siblings and women in the business, the next generation joining the firm, succession planning and governance. Key speakers from outside were Ms Meher Pudumjee, chairperson, Thermax Ltd, who briefed the gathering on the mode of succession in her company, and the role each family member played over the years.
Mr Karan Bhagat, managing director, IIFL Private Wealth, stated that many family businesses are looking at challenges in managing wealth. Further, professional advice could play a major role in wealth preservation taking into consideration family succession and managing the business financials from one generation to another.
Local speakers representing Goan business houses was Mr Dean Menezes, managing director, CMM Logistics Pvt Ltd and Mr Arjun Chowgule, general manager, Chowgule and Co Pvt Ltd.
Stressed on the need to hire professionals so that the owner could focus on the supervisory level and overlooking the functioning of various other businesses, Mr Menezes said that getting out of operational responsibilities by the owner would “allow the employees to get opportunities for growth.”
He pointed out that education and communication were important aspects for the next generation and helped in successful decision making along with other family bonding exercises like overseas trips, family gatherings, etc. Mr Chowgule, spoke about the family businesses, moral, social, economic incentives to look at issues such as value, tradition, legacy and sustainability.