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Family Business(Pratik Negi)


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Family Business(Pratik Negi)

  1. 1. By: Pratik Negi Shalini Kaushal
  2. 2. <ul><ul><ul><li>Share capital owned by a family either </li></ul></ul></ul><ul><ul><ul><li>jointly or individually. </li></ul></ul></ul><ul><ul><ul><li>Involvement in decision-making, maintain </li></ul></ul></ul><ul><ul><ul><li>management or ownership. </li></ul></ul></ul><ul><ul><ul><li>Ownership control by direct descendants </li></ul></ul></ul>
  3. 3. <ul><ul><li>Long-term orientation and continuity </li></ul></ul><ul><ul><li>Family culture pride for family </li></ul></ul><ul><ul><li>Less bureaucratic </li></ul></ul><ul><ul><li>Greater willingness to weather the bad times by ploughing back profits. </li></ul></ul><ul><ul><li>Impart training to younger members </li></ul></ul>
  4. 4. <ul><ul><li>Role of members not clearly defined. </li></ul></ul><ul><ul><li>The style may be autocratic or patriarchal. </li></ul></ul><ul><ul><li>Members may not be worthy of their position. </li></ul></ul><ul><ul><li>Succession battle. </li></ul></ul><ul><ul><li>Selfish motives to drain the money from the company. </li></ul></ul>
  5. 5. <ul><li>Founder </li></ul><ul><li>Next Generation </li></ul><ul><li>Family members </li></ul><ul><li>Non family members </li></ul>
  6. 6. <ul><li>Head of the family </li></ul><ul><li>Determines the nature and direction of the family enterprise </li></ul><ul><li>Starting the business and Builds the organization </li></ul><ul><li>Provide guidance and direction to employees and family members </li></ul><ul><li>Planning for succession </li></ul>
  7. 7. <ul><li>Demanding and challenging than that of start-up </li></ul><ul><li>Address the faults and imperfections. </li></ul><ul><li>They will be unable to start from scratch </li></ul><ul><li>Already established systems and so difficult to justify changes and justify failures </li></ul><ul><li>Fear of failure may panic into making sub- optimal decisions. </li></ul>
  8. 8. <ul><ul><li>Ground rules regarding entry </li></ul></ul><ul><ul><li>Members be encouraged to join the family Business </li></ul></ul><ul><ul><li>Encourage the younger generation to develop skills and educations </li></ul></ul><ul><ul><li>Different family members different levels of involvement. </li></ul></ul><ul><ul><li>Develop internship program for family members to judge if they are out from family business. </li></ul></ul><ul><ul><li>consider the role and rights of those family members who are not at all involved in the family business. </li></ul></ul>
  9. 9. <ul><li>Difference in pay </li></ul><ul><li>Promotions and salary hikes </li></ul><ul><li>Maintain good chemistry with owning family </li></ul><ul><li>Senior positions easy path </li></ul><ul><li>Difficult to retain in top management </li></ul>
  10. 10. <ul><li>Discuss career paths in the company and clearly state if top positions are not open for them. </li></ul><ul><li>Offer compensation and benefits that are at par with others in the industry. </li></ul><ul><li>Involve non-family managers in top-level decision making </li></ul><ul><li>Set targets and use performance measures to build motivation. </li></ul><ul><li>Emphasize the contribution of non-family managers in company meetings. </li></ul><ul><li>Treat family members like employees at work. </li></ul><ul><li>Involve non-family managers in succession planning </li></ul>
  11. 11. <ul><li>Thank You!!! </li></ul>