Best of CEO Dialogues 2017: The Role of Family Businesses in a new India

Dr Habil Khorakiwala, co-founder chairman and Group CEO, Wockhardt Limited, said, it's important for "family businesses to have a compelling long-term vision."

"A family business cannot be segregated from [the] family. So value system is important."

He also stressed on the importance of individuality, saying, "Don't evaluate [the] performance of your children. Allow difference of views."

Ameera Shah, Managing Director, Metropolis Healthcare talked about the importance of a father's support in shaping his daughter's ambitions. She said, "fathers must encourage their daughters to take risks." 

Elaborating on that, she said, "A father's vote of confidence is important for a woman."

She also said that while "passion, emotion and instinct can make or break entrepreneurs, professionals are needed in a family business for balance."

Parimal Merchant, Director, SP Jain School of Global Management, has advice for the next-gen businessmen: "Unless you earn trust, demanding responsibilities is futile."

He also said, "Wisdom and entrepreneurship need to be learned from the older generation."

On the go-getter attitude of the next-gen, Niranjan Hiranandani, Co-founder and Managing Director, Hiranandani Group and president NAREDCO, a real estate body, said, "There is no handover in business that happens any more between generations. The next-gen grabs its opportunities." 

He said, "1991 was a threshold year where professionals in family business started to take root."

Dharmesh Jain, Managing Director, Nirmal Lifestyle, said, There is a "need to realise you're dealing with an exceptionally talented generation."

"All principles of communication at business need to be followed at home also."

Rajiv Memani, Chairman and Regional Managing Partner, EY India, said, "Family businesses have kept pace with evolution, complexity of India's economy."

"The lens of family businesses have changed. Emphasis on governance has increased."

Ashish Gumashta, CEO, Julius Baer India, said, "Being educated from the best B-school doesn't necessarily make the next-gen better."

"A right mix is where promoters are willing to take help of professionals [in family businesses]."