No Match Found
Indian family business leaders interviewed
say need to innovate is their biggest challenge
Indian entrepreneurs expect their businesses to grow in the next two years
have a robust, documented and communicated succession plan
Family businesses in India have ambitious growth aspirations. However, they need to ask themselves some crucial questions: Are they are ready for growth? Do they have their mind set on innovation and digitisation to gain a competitive edge? How will they fund their growth? How are they embracing digital and other technological changes which will impact the business? Are they exploring professionalisation of operations? Do they have a family charter/constitution in place to manage family conflicts and ensure family dynamics are in sync with business objectives? How will they ensure business continuity and are succession plans being discussed openly within the family, particularly with the next gen?
Find out about this and more below. Also, read our report about the perspectives of family businesses on succession planning and business continuity.
A majority of family-owned businesses in India tell us that underlying family values define the business. However, as businesses grow and evolve, a gap often emerges and synergies between family values and business objectives can get lost
Philanthropic activities in India often imply giving money to good causes and local communities. Given the significant focus on philanthropy, family businesses in India are formalising ways and means to ensure these are carried out.
Family businesses in India continue to exhibit growth. In our 2016 survey, 75% of Indian entrepreneurs who interviewed said that their business had grown over the last 12 months. The trend is largely unchanged.
Given the bullish economic environment in India and the positive growth sentiments accompanying the recognition of emerging economies globally, the response of Indian family business leaders towards challenges is significantly tempered. Some of the key challenges faced by family businesses in India are:
Engaging in succession planning is relevant not only for the family but also for the business.
Every two years, PwC carries out a Global Family Business Survey where we speak to/poll family business leaders about different aspects of a family business: family values and business purpose, business ambitions, growth aspirations, challenges, and so on.
This is our 9th global survey and we spoke to 2,953 family leaders across 53 countries. In India, we spoke to/polled 106 family business leaders. Most family businesses inherently display characteristics of entrepreneurship, dynamism, resilience, sustainability, innovation, vision and more.
PwC’s Entrepreneurial and Private Business practice helps business owners and individuals achieve their personal and business ambitions. We provide a series of tax and advisory services.
Our mission is to help business and family wealth grow by bringing our talent and skills to family businesses. We work on the owner’s agenda and provide all the practical and commercial assistance appropriate for the two aspects of a family business, ownership and growth. We have built our success on developing trusted advisor relationships and delivering solutions and ideas tailored to the needs of our clients.