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May 5, 2001
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Money > Business Headlines > Report May 5, 2001 |
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Indian family businesses modernising: SurveyBS Corporate Bureau Popular myths about family businesses have few takers in this age, says a survey carried out by Grant Thornton India in association with Indian Institute of Management Ahmedabad. "There is greater realisation to keep the business competitive, with or without the entire family getting involved. Indian family businesses recognise the need to clarify the mission of the family and the business separately," Grant Thornton India partner Vishesh C Chandiok told newspersons in New Delhi on Friday. While unveiling the preliminary findings of the study, Grant Thornton India also launched PRIMA, a service which can enable a family business to address the issues that prevent a smooth transition and ensure that the business succeeds and flourishes in the future. The study had targeted some 600 family businesses by sending them questionnaires. Almost 200 of them have already responded. While 40 per cent of the respondents were founders, 42 per cent belonged to the second generation. And 95 per cent of them had a child between one and 37 years. Based on their response, the study concluded that family and business are two separate entities, each with its own mission and set of critical success factors. Few support the contention that family members should be paid more than professionals. Most respondents felt that professionals should be allowed to run the business even if it means a family member not heading the business. While many of the respondents felt that family members should become shareholders in the business automatically by birth, most of them admitted that sibling rivalry in the family adversely impacts the business. Grant Thornton is the sixth largest firm of accountants and business advisers worldwide. It has a network of over 620 offices spread over 110 countries and employing more than 22,000 people worldwide. Grant Thornton India is a partnership in India with five partners and some 100 employees. It has been in operation in the country for over an year. Prior to that, it was represented in India by accounting firm WalterChandiok & Co. Powered by YOU MAY ALSO WANT TO READ:
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