1. What stage of the family business Lifecyle is your family business in?
My family is in 5th generation in jewellery business and it is a private limited company.
The problems which the company is facing right now is the difference of opinion among the top management of the company regarding the core and expansion of the business. This results in delaying of decisions and chaos among the family.
The family business conflicts results in ignoring of good ideas if the there is a conflict between the 2 members who don't like each other.
What transition do you envisage for your family business’s lifecycle stage in the coming 10 years?
I think my family business will be controlled by my brother and me in coming years with equal amount of shares held and control of the business.
I believe the issues of contradictory ideas can be eliminated with the voting method if the number of family members involved is considerable. The ideas of the top management can as well be discussed in the format of presentations each one with pros and cons and a final of what suits the business best can opt for the business. Apart from that, the business authority can be divided, as mentioned below and the decisions can be finalized by one entity resolving the conflicts further.
Apart from that, the intervention strategy can as well be used in the business to eliminate conflicts and reach decisions. The documentation of all the contractual terms as per the strategy will as well help the future generation in maintaining harmony and witness growth.