It’s no longer enough to rely on values and legacy to propel the business forward,” underlines PwC in its Global Family Business Survey of 2021. Tomorrow’s family business requires a new approach for lasting success. “It’s based on accelerated digital transformation, prioritisation of sustainability goals and professional family governance,” the survey says.
Back in India, the findings find perfect resonance among family businesses. Forbes India chronicles 10 contrasting tales of business families from different regions, diverse backgrounds and distinct segments. What unites them is their unparalleled grit to adapt, transform and flourish with changing times.
If Yash Pakka from Ayodhya in Uttar Pradesh is building a sustainable packaging venture and striving for a cleaner Earth, Synthite Group from Kochi, Kerala, is spicing up its decades-old family structure by swearing by a Blue Book that keeps the family and business together. The underlying message is that both family and governance need to be professionalised.
Then there is Shree Maruti Courier. Staring from Porbandar, Gujarat, in 1985, it has delivered hefty revenues—from ₹245 crore in FY18 to ₹501 crore in FY22—by silently undertaking digital transformation of operations. And yes, not to forget Hyderabad-based Sai Silks (Kalamandir). The garment retailer, which gets a dominant portion of revenue from selling sarees, is now tapping the capital market to fuel its growth.
Enjoy the untold stories of these businesses who are scripting a family blockbuster.
(This story appears in the 12 August, 2022 issue of Forbes India. To visit our Archives, click here.)