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The predominance of family-owned businesses in economies across the world, and the critical nature of challenges faced by them are well-established and widely accepted. Most private sector firms in Asia, including India, are often family-owned and managed. Family businesses in India contribute quite significantly to the country’s economy.
In the past, family businesses were perceived to be orthodox, unprofessional and unstable. But today, there is substantial evidence to confirm that these establishments can be well-governed and run professionally over several generations, creating wealth not just for the business, but for the society at large. This, however, is not automatic. In order to grow and prosper across generations, it is important for families to understand the concepts and processes involved in transforming the building blocks of their businesses.
Up until now, management literature did not focus much of its attention on addressing the unique challenges faced by family businesses. Also, it is only recently that business families have started discussing their challenges and ways to retain their prosperity and happiness.
The Thomas Schmidheiny Chair of family Business and Wealth Management is a pioneer initiative to fill this gap. There is a strong commitment to combine theory and practice in everything that the Chair does, due to involvement of faculty and practitioners from India and abroad. The Thomas Schmidheiny Chair of Family Business and Wealth Management was set up in the year 2006 with funding and support from Dr Thomas Schmidheiny of Spectrum Value Management. Led by Professor Kavil Ramachandran, the Chair offers extensive research on family governance and leadership, professionalisation, and entrepreneurship in family business.
Dr Schmidheiny, a leading business figure from Switzerland, comes from an illustrious family of industrialists and political leaders. For over two decades, Dr Schmidheiny was the Chairman and CEO of HOLCIM, the world’s leading cement, concrete and aggregates enterprise. He built the business internationally, and is currently the company’s largest stakeholder. |
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Training Programme for Family Businesses
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Annual Report 2010 - 2011
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