Week 3
1. What stage of the family business Lifecycle is your family business in?
My family business is in the second stage of the Business lifecycle. My father has 50% of shares and my uncle has the other 50% of shares
After completing my graduation I will join and be the 3rd generation in business
2. In what way does this stage reflect a ‘problematique’ and challenging stage?
A problematique and challenging stage in my business would be that since almost every person involved in the business is a family member, it is hard to satisfy everyone point of view and as being Indian the elder of the family has the last say in everthing
3. How does this stage of your family business’ lifecycle contribute, affect or erode the business and ownership dimensions of your business?
This stage can affect the ownership dimension of the family business as many people try to adhere to the traditional facility and are not ready to accept the challenge. These issues can lead to the conflict as the new generation try to run the venture as per the trendy ideas while the old one sticks to their ground realities.
4. What transition do you envisage for your family business’s lifecycle stage in the coming 10 years?
I see my family business moving to the new stage called maturity. Investing in emerging markets and latest technology will allow us to reinvent yourself and help us in rising higher as desired
5. How do you anticipate your family business and its owners and agents (including yourselves), reacting to these changes?
the share of each member will be too small the family will grow as their sole source of income hence, they will either leave and sell their shares or try to expand into another business.