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In family business, don the right role
Suraiyya has been assisting her mother in the fashion business for nearly six years now. The mother daughter duo has recently set up a garment export facility in the outskirts of Hyderabad. A fashion designer from NIFT, Suraiyya takes care of the creative aspect of the business by designing clothes, while her mother looks after the sourcing and execution of projects. Her dad and sister oversee the day-to-day running of the unit that employs around 50 workers. Her uncle and
cousins too chip in, managing the exclusive boutiques that they have set up in the heart of the city.
Hariharan established his chartered accountancy firm in the city in the 60s. When he decided to retire after 30 years of service, his son took over, and after him, his grandsons. The practice is now in the fourth generation, and still counting. It is almost a given for members of the family to take up chartered accountancy. One or two have broken away from the tradition and established independent careers, but the Hariharans are still overwhelmingly a family of chartered accountants.
Welcome to the family business. The dynastic institution in business is nothing new to our country. India has been a stronghold of successful family establishments since times immemorial. Family businesses thrive here because Indians tend to be primarily family-centric, and have had a long historic tradition of professions being passed down from father to son and skills passed down from mother to daughter for generations.
The connections, a fairly early introduction to the industry and tradition make joining the family establishment the most obvious career choice for the children born into such families.
We have the Tatas and the Birlas, the Ambanis and the Bajajs ruling our corporate bastions because the intelligent Indian entrepreneur is well aware that internal bickering apart, blood runs thicker. Keeping within the tight-knit family unit is a good way to get family business ahead.
Working with your family can present its own set of benefits and challenges. While it is great to work with people you love, trust and understand well, family disputes, favouritism and a spillover of work into family affairs are some of the of the most common issues faced by families that work together.
Here are some insights that can bring the family together even while taking the business forward.
Keep personal and professional roles apart
The best thing about having kith and kin in the business is that there is a willingness to go the extra mile for the benefit of the company.
Family members work through the night and on weekends, and cheerfully forego even a couple of months’ salary if need be to pay for the equipment. Such a strong commitment is laudable, but one should not take family members for granted. Spend enough quality time with them so that you have a healthy personal bonding.
Separating family roles and work time also means keeping family matters out of the workplace. No airing of family gossip or sibling rivalry at the workplace. Neither should there be any overt expression of affection. Work and family are two different spheres of life and creating a clear distinction between the two will ensure that both your family and business prosper.
Treat all employees equally
Be professional when dealing with employees. Treat everyone with the same kind of respect and courtesy. We can sometimes become biased towards employees just because they are family.
Or we may take them for granted and expect them to put up with mood swings and temper tantrums we wouldn’t dare throw in front of outsiders. This can lead to problems with family members and other employees as well.
Allow equal access to all employees and establish strong lines of communication with non-family members so that they do not feel disadvantaged. Involve employees in the decision making process based on the role they play in the organisation and not on the strength of their family ties.
Do not abuse power
It is easy to abuse power when there are no explicitly imposed barriers between personal and professional authority. Do not let filial prejudice blind common sense and dignity. Being dad doesn’t give you the right to micromanage your son at the office.
When criticising family members, keep your comments friendly, respectful and appropriate for your professional capacity.
Give family members the option to leave
Respect the decision of a family member to leave the business or branch out, if he or she chooses to move on. Handle such situations competently.
Forcing someone to carry on will only worsen your relationship with the person and damage the business as well.
Have a succession plan in place
Ensure that you have a succession plan in place to accommodate contingencies and future requirements. An organisation without a proper succession plan cannot hope to keep in line with its long-term strategic objectives, irrespective of whether it is run by the family or by outsiders.
Moreover, employees who are not from the family will be encouraged to stay on only if they find a clear path for career progression mapped out for them within the establishment. Making sure that you have the right people ready to take over the baton when the situation arises will allow your business to flourish well into the future.
BINDU SRIDHAR
faqs@cnkonline.com
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