Indian Family Businesses form the ‘backbone’ of the Indian economy and hence there is a need to extend the life span of these family businesses so that the economy can continue to derive benefit from their contribution.
• How should business families cope with the generational gap?
• How should they fulfill the aspirations of the members of the business family while achieving sustainable profits and growth?
• How can they keep the family and the business together?
The answer is the Family Business Network
CII along with FBN International has formed the CII-FBN India chapter with an aim of creating a nationally representative body of members of families owning & managing family owned businesses in India.
This was the first Next Gen Convention, held in Goa. It was a momentous occasion graced by many from all over India. There were also some international speakers present to attend this gathering. The highlight of the day was the panel discussion. Speakers discussed various aspects of the Next Gen and how to take the family business forward a legacy left to them by their parents of prior generations. They spoke about their motivations and impetus which was to make them enter their respective family businesses. This summit was a common platform for the intermingling of the various views and perspectives of the various family business members and their successors. Goa was an ideal place and was successful in bringing the various family members close to each other by creating an informal atmosphere for both pleasure and business.
The planned activities allowed participants to gel together and lighten the moods after a previous day of serious discussion. This summit was also successful in bringing forth the views regarding the challenges faced by Next Gen and how they were able to overcome them by true grit and silent determination.
The scenic atmosphere of Goa was able to create a cohesive environment for the Next Gen members and get them closer to one their irrespective of their obvious geographical and emotional differences. It was a pleasant event, and participants were able to connect on a grand and unprecedented scale.