A stable ownership, inclusive and action-oriented decisions, and clarity on the role of family members will help in sustaining the business for future generations
Creating or updating the family businesses governance is one of the key prerogatives of a family owner. Experience shows that an early start helps. Sometimes, family business founders and owners may not be comfortable with the idea that on their retirement, their children might not be able or willing to run the business that they founded. This is a critical issue, especially for a country like India, where 70% to 80% of businesses with a turnover of more than $1 billion are run by families.
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