1.What stage of family business lifecycle is your family business in? My family is in 4th generation and my family is into textiles.
2.In what way does this stage reflect a problematique and challenging stage? The problem faced at this stage is the conflict between the family members when it comes to expansion. This at times delays in the decision making of the business in hand. The difference of opinion is the major setback faced at the moment.
3.How does this stage of your family business lifecycle contribute, affect or erode the business and ownership dimensions of your business?
The difference of opinion i.e. not agreeing with each other’s idea in the company can erode the company as you can never come to a conclusion as to what to do and instead just have conflicts.
4.What transition do you envisage for your family business’s lifecycle stage in the coming 10 years?
I think the company will be controlled and run by me and my cousin brother in the future.