Author
Hitesh Shukla is a professor in the Department of Business Management, Saurashtra University, Rajkot
Most decisions in family and business impact individual relations and the economic performance of the business. Businesses and families move levels up or otherwise down with decisions, writes Hitesh Shukla
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For a sustainable family business, a family must create a structure to pass on value, vision, and entrepreneurship to the next generation, along with good governance and parallel planning for family and business.
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Need for outside advisor increases to take the business on ‘auto-run’ mode. Formal education and continuous learning of business and family expectations by the upcoming generation becomes pivotal.
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Long lived business is result of healthy relationship with the larger community. Japanese believe in personal relationship and emphasise that business is secondary to relationship
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