It is often said that everything starts from the top and so are the problems. The generation in charge has a choice to either be reactive or pro-active to this changed reality. Strangely, the path adapted most often is of being non-active—in better words, ignoring. The idea to remain united in business is assumed to be of greater significance than the changed behavioural demands. The differing ambitions and aspirations of the incoming generation on taking the business forward are brushed under the carpet.
Problems start to boil at faster pace with the entry of the fourth generation by which time the family tree has grown far beyond the business. The old ways of thinking, inability to adapt technological changes and the rising pressures of globalisation start to prevent business growth. The demand for splitting the venture takes roots within the family. Frustration reaches to a boiling point and family members become warriors.
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September 25, 2020