Family businesses form the ‘backbone’ of the Indian economy. All around the world, family enterprises dominate the economic landscape. The same is true of India. Family-run firms in India make up 85% of all Indian corporations and provide the great bulk of the country's output and jobs. Business Today reports that family-run companies are responsible for 25% of India Inc.'s sales, 32% of its profits after taxes, roughly 18% of its assets, and more than 37% of its reserves.
Corporate/Business coaching is recognised as being necessary, particularly for emerging business leaders. There is an understanding that coaching is important, especially during succession. There are coaches like Tony Robbins, Grant Cardone, Marshall Goldsmith, Saurabh Kaushik, Lolly Daskal etc. in the community working for family business owners and legacy businesses to grow exponentially and organically.
Dealing with uncertainty
Indian family company leaders are looking for outside mentors more frequently now than they have in the previous three to five years, as they become more conscious of the difficulties that lie ahead. Whether they have to do with leadership development, building consensus, ownership, retirement, ownership transfer, or any other issue.
Coaching the next generation
There have been definite catalysts for this development during the last three to five years, and it is in fact a detectable trend at this point. In the first place, the next generation is taking over the reins of a large number of Indian family-run enterprises.
The top leadership of many Indian family enterprises is transitioning into a new generation. In recent years, companies including Future Group, Wipro, Adani Group, Videocon Industries, TVS Motor Company, VIP Industries, and Piramal Enterprises have all hired members of their next generation of families. Since the majority of these business families are nuclear in structure, they are not supported by a typical family patriarch. As a result, business families are increasingly hiring an outside consultant to mentor their next generation of employees. Family businesses are becoming more and more aware of how important coaching and mentoring are for developing the next generation of business leaders.
Taking the plunge: succession planning in changing market conditions
Indian family company leaders are looking for outside mentors more frequently now than they have in the previous three to five years, as they become more conscious of the difficulties that lie ahead. Whether they have to do with leadership development or communication, consensus, ownership, ownership transfer, retirement, or succession. Family members respect and pay attention to the external mentor's impartial, objective advice. This makes external mentoring a powerful tool to shape the next generation, as does the mentor's extensive exposure and experience.