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Mar 15, 2024
In an opinion piece, Kavil Ramachandran, Professor of Entrepreneurship (Practice) and Senior Advisor, Thomas Schmidheiny Centre for Family Enterprise at ISB, writes about what leads to the failures of family businesses and how multi-pronged governance can help in addressing such collapses.
“Family businesses, traditionally controlled by joint families, are increasingly becoming family enterprises with the advent of nuclear families and the rapid rise in entrepreneurial opportunities. While a joint family derived its strength from collectivism, financial prudence and patriarchal control, nuclear families most often rely entirely on a single pillar as the source of wisdom and entrepreneurship,” he writes.