More than 75% of all the business enterprises are family owned, but hardly 10% of them survive to the third generation.
Challenges faced by family owned businesses:
- Alignment of personal, family and business goals
- Family conflicts
- Lack of accountability
- Lack of effective communication
- Issues of power, control and delegation
- Differing values between generations
- Wealth protection for the next generation
- Lack of professionalism
- Providing better career and growth opportunities to family members
All these challenges need to be addressed with a fine balance of sensitivity and professionalism to maximize the business potential and ensure its sustenance.
Professionalizing the family business:
- Distinction between personal, family and business values
- Common goals
- Strategic Family Plan
- Strategic Business Plan
- Experienced and visionary BOD
- Succession planning
- Establishing and implementing Corporate Governance code
Family Business Progression:
- Structuring ownership of business and family assets
- Distinction between Ownership and Management
- Effective involvement of family members
- Human Resource Policies
- Defining roles, responsibilities and reporting lines
- Effective composition of Board of Directors
- Succession and retirement planning
- Wills, Trusts and related structures
Principal Trainers and Coaches:
Nilesh Arora (BTech. – Mech, IIM-A Alumnus, Certified Management Consultant-CMC, Certified Corporate Director - CCD)
and Dr. Gunjan Arora (MSc-Family Relations-Gold Medallist, MS- Psychotherapy, PhD-Counselling, Certified Hypnotherapist, Certified Past Life Therapist, Certified Advanced Life Coach, Practicing Astrologer)
Both have nearly 2 decades of professional experience and in depth knowledge of Family Businesses, Strategic Planning, Training, Consulting and Coaching.Both have developed a unique expertise in understanding the challenges in family owned businesses and in developing strategies for effective ownership, management and succession planning by uniquely integrating Business Coaching and Life Coaching.
They are known as the WORLD’s FIRST COUPLE COACH – WFCC.
Nilesh and Gunjan have been assisting individuals, families and corporates in India, Uganda, Tanzania, Kenya, Rwanda, Ghana, Nigeria, Thailand, Madagascar, Ethiopia, UK, USA, Canada, Australia, Hong Kong, and UAE.