My family business is currently in the second generation as my grandfather started it and my father is the sole heir of the authority. The business has witnessed growth for over 13 years however it has been hard to get the growth back on track after the pandemic. The current problems being witnessed are competition in the market, lack of investment knowledge, and management skills as my father have no experience inbusiness nor has he earned a degree. The investment in marketing, brand development, and collaborations has been higher after the pandemic and we need to separate ownership from multiple ground operations to maintain the pace of growth which is not quite acceptable to my family.
The current stage as well witnesses a transition to modernization as we are focusing on more involvement of tech platforms, digitalization, and as well on involving employees in management from outside the family. The financial advisory from professionals is as well part of the business. I want to improve the working of the business further and thus respecting my father’s wish of not outsourcing the power or management I look forward to taking sole responsibility for the business.