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Dr Manu Chandaria, during his interaction with Professor Kavil Ramachandran, shared the following key takeaways.
Trust among all the members is fundamental to togetherness in a family. Mutual respect and attitude of hard work of all those associated with the family and the business, are essential for the long-term sustenance of a family business.
Transfer of values to the younger generation is very important for family continuity. This can only happen effectively when the next-generation members see the senior family members practicing those values in their daily lives! Perseverance and a never-give-up attitude are the core strengths of a family business! Growth is only possible when you have a very strong will to succeed!! "You might fail ten times but NEVER give up!"
Continuing family business security and growth is the result of the initiative, focused efforts, frugality, and consensus-based decision-making.