The final outing of our flagship closed door round table CEO Dialogues for 2017 took place in Mumbai on October 27, 2017.
In attendance were industry leaders, to discuss the theme, 'Reboot India: The role of family businesses in a new India'.
Clockwise from Left: Parimal Merchant, director, SP Jain School of Global Management; Dharmesh Jain, managing director, Nirmal Lifestyle; Ameera Shah, managing director, Metropolis Healthcare; Niranjan Hiranandani, co-founder and managing director, Hiranandani Group and president, NAREDCO, a real estate body; Dr Habil Khorakiwala, founder chairman and group CEO, Wockhardt Limited; Rajiv Memani, chairman and regional managing partner, EY India; and Ashish Gumashta, CEO, Julius Baer 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."
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."
In the "Last couple of years, opportunities for new businesses have come up disproportionately for family businesses."
Forbes India CEO Dialogues was created in the light of the many challenges faced by industries and the quintessential changes that can help them navigate India’s road to economic prosperity. It provides a platform for equals to come together and delve into candid, solution- seeking discussion focused on CEO-level issues, the challenges and pressures unique to top-level management. This dynamic convergence of people and ideas results in better informed decision making and more effective visionary thinking.