‘Beyond Three Generations’ of Navigating Indian Family Businesses – A Legacy Unveiled!

Amidst the opulent halls of JW Marriott Kolkata, luminaries from the realm of Indian business gathered on January 25, 2024, to witness the launch of a literary gem, ‘Beyond Three Generations: The Definitive Guide For Building Enduring Indian Family Businesses’. The event not only exuded grandeur but also heralded a purposeful dialogue on sustaining legacies in the ever-evolving landscape of entrepreneurship.

Authored by a distinguished quartet - Navas Meeran, Chairman at Group Meeran, ME Meeran Foundation and former Chairman of the Confederation of Indian Industry (CII), Southern Region; M S A Kumar, an alumnus of IIM, Ahmedabad, family business advisor and CEO coach bringing his expertise of managing family dynamics; Firoz Meeran, Vice Chairman of Group Meeran, ME Meeran Foundation, Managing Director of Scoreline Sports; George Skaria, senior journalist, communications specialist and author - the book transcends mere academic discourse.

Navas Meeran, astutely remarked, "This book, rooted in the Indian context with its nuanced intricacies, will resonate deeply with our readers." Indeed, amidst the plethora of global literature on family businesses, this magnum opus offers a distinctly Indian perspective, making it inherently relatable and insightful.

At the heart of the discussion lay the quintessential question: What sets apart the enduring few from the multitude of family businesses that falter? M S A Kumar, with his wealth of experience in both multinational corporations and family-run enterprises, illuminated the discussion, emphasising the pivotal role of professionalisation and strategic planning. "Transitioning from multinationals to family businesses necessitates meticulous documentation and, above all, building a framework of trust," he elucidated.

The narrative, interwoven with profound insights from the authors, encapsulates the journeys of twelve exemplary enterprises, namely, Aravind Eye Care System, Bhima Jewellers, Dodla Dairy, Eastern Condiments, ELICO Ltd, Evolve Back, Gera Developments, House of Anita Dongre, IBS Software, OmniActive Health Technologies, Popular Automobiles and Sandu Pharmaceuticals. These narratives serve not only as a testament to resilience but also as a guiding light for budding entrepreneurs, especially in the micro, small, and medium enterprise sector, which forms the bedrock of the Indian economy.

The session was moderated by Professor Chandradeep Mitra, Founder & CEO, Pipal Majik and Advisor & Mentor, IIM Calcutta Innovation Park. The erudite moderator aptly remarked, "In a country aspiring to become the third largest economy in the world, with a GDP of 5 trillion dollars, this book assumes paramount significance." Indeed, as India marches towards economic prowess, the wisdom distilled within these pages emerges as a timely guiding light for businesses seeking enduring success.

Co-author, Firoz Meeran, and Vice Chairman of Group Meeran, ME Meeran Foundation, Managing Director of Scoreline Sports; underscored the emotive undercurrents intrinsic to family businesses. "In our country, familial bonds often intertwine with business decisions, adding layers of complexity," he mused, echoing the sentiments echoed by many.

Further, The Telegraph Online Edugraph asked the panel, “In the context of financing expansion, the equity versus debt dilemma is a perpetual concern. Could you shed light on this crucial aspect of business growth?" Navas Meeran emphasised the essence of a shared vision across generations, transcending mere financial considerations. Sharing a crucial insight, M S A Kumar highlighted the intrinsic fear of relinquishing control, a sentiment echoed by many family-run enterprises.

As the curtains drew on the resplendent affair, the echoes of wisdom reverberated, not only within the impressive halls of the venue, but also within the minds of aspiring entrepreneurs across the nation. For in the saga of enduring family businesses lies not just a tale of legacy, but a blueprint for generations to come, echoing the spirit of resilience, vision and unwavering determination!