web01.fireside.fm Mon, 25 May 2026 11:29:47 -0500 Fireside (https://fireside.fm) The Business of Family - Episodes Tagged with “India” https://www.businessoffamily.net/tags/india Sun, 03 Apr 2022 15:30:00 +1000 Mike Boyd interviews successful families and their advisors to learn how they steward their wealth across generations, managing succession issues to "keep it in the family". Very few family businesses do the work and even fewer make it beyond the third generation. Follow along to learn about family governance structures, family office investing, succession planning and raising happy, healthy and enterprising children of wealth. Learn more and subscribe: https://www.businessoffamily.net/ Follow Mike on Twitter: https://twitter.com/MikeBoyd en-us episodic Multigenerational wealth creation involves so much more than just capital accumulation. The most successful families cultivate and collect values, stories, knowledge and resources to pass on to the next generation. The systems and processes to do this are very intentional. Very few do the work and even fewer make it beyond the 3rd generation. Find out how with The Business of Family. Mike Boyd Mike Boyd interviews successful families and their advisors to learn how they steward their wealth across generations, managing succession issues to "keep it in the family". Very few family businesses do the work and even fewer make it beyond the third generation. Follow along to learn about family governance structures, family office investing, succession planning and raising happy, healthy and enterprising children of wealth. Learn more and subscribe: https://www.businessoffamily.net/ Follow Mike on Twitter: https://twitter.com/MikeBoyd no succession, multi-generational wealth, family office, dynasty, legacy, stewardship, next generation, business, family wealth, investing, FO, wealth, investing, inheritance, legacy, heirs, Mike Boyd podcastrss@mikeboyd.com.au Srinath Rajam - Separating the Family Conglomerate After 111 Years http://www.businessoffamily.net/srinath-rajam 4125db71-1a9c-47c5-a01b-571c8169102e Sun, 03 Apr 2022 15:30:00 +1000 Mike Boyd full 2 Mike Boyd Srinath Rajam is a Director at TVS & Sons, Chairman at Kwik Patch, and one of the four sons of the high profile TVS group of companies. The TVS Group is a long-standing family business, running for over 110 years, which has interests in everything from auto components through to finance. Now after over a century in business, the TVS group has decided to amicably separate. Srinath talks about this historical event and how by keeping it amicable, it sets the stage for the next phase of growth. 56:39 no <p>Srinath Rajam is a Director at TVS &amp; Sons, Chairman at Kwik Patch, and one of the four sons of the high profile TVS group of companies. The TVS Group is a long-standing family business, running for over 110 years, which has interests in everything from auto components through to finance. Now after over a century in business, the TVS group has decided to amicably separate. Srinath talks about this historical event and how by keeping it amicable, it sets the stage for the next phase of growth.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>"The process of how you manage a company is not taught anywhere; the process for how you manage people is not taught anywhere so these are things you need to learn by watching" - [Srinath]</li> <li>"Unless all of us are good human beings, we cannot work in a group" - [Srinath]</li> <li>"If the family is not in one piece... the businesses are going to fall apart" - [Srinath]</li> <li>"I don't worry about control, I worry about what's best for the business" - [Srinath]</li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>Srinath is a 4th generation member of the TVS and Sons Family. He talks about a historic date when the family will finally be breaking up the company and separating after 111 years. Unlike many families which split with resentment and animosity, this breakup is rather amicable which sets the stage for growth in the next phase. </li> <li>The seeds for the separation started in 1974, although from the onset, at a point when the Founder of the company had his influence waning as a patriarch, there was already a lot of mistrust. It was in 1974 that it became clear that there was no future for the company to continue as one large family which is now manifesting. </li> <li>Over the 48 years since the first conversation was had about splitting up, the company has lost opportunities to advance in IT, however, they were able to structure the core competence of the existing companies. </li> <li>The first phase was in 1927 when the company became the dealer for GM in South India. The next phase was automotive component manufacturing which continues to be the most profitable aspect of the business. The third phase is a two-wheeler operation, which is the largest and most valuable company. Most recently, the supply chain has also been racked up, which is the TVS Supply Chain.<br> </li> <li>About the two-wheeler operation: in 1972, as a young teenager, Srinath had discovered what looked like an electric bicycle which his grand-uncle was creating as a cheap way for people to move around. The engineers had said it would not be possible, but he invested energy, time, and money in it based on his conviction. By 1978, he passed on 10 days before the company was opened. The group was also into all sorts of automotive industries. </li> <li>The strategy for the separation was that whoever is managing will continue to look after business till the separation, then the valuation was done in 2014, and the difference would be settled in cash. The Indian legal system encourages families to have such a business understanding, which was not initially accepted by all 64 shareholders but with persuasion, they agreed to implement it. The company also has very strict requirements regarding competence and experience to join in the business such that family members are not guaranteed an automatic seat. </li> <li>Some of these requirements for joining the family business include Graduation from an Ivy League school, a minimum of 3 years of work experience outside the family business with no help getting the job. These and more only qualify members to apply, after which a competency board will assign a mentor who looks after the possible future leaders, and then they can grow from there. These new family members entering into the business start with a small responsibility like one of the smaller subsidiaries and are mandated to only report to a professional, not their parents. </li> <li>Based on these requirements, most family members are only qualified to apply by their early 30s, which is beneficial for the company because emotional maturity is also critical.</li> <li>Although G4 wasn't particularly groomed for management, they intend to identify those things they lacked and make them available for G5. Since the process of managing companies or people is not taught anywhere, G5 has to be properly introduced by participating as observers in top review meetings. Most of the methods and practices being implemented to groom G5 are ideas from John Ward. </li> <li>Even though many families apply all sorts of family governance structures, not many are successful, meaning those structures do not guarantee anything. The question is "How do you make this work?". The first requirement is trust; without trust, none of these things can work. Next is transparency, and the third is to be Just and Fair. People working together must be good people who like being around each other. Additionally, fairness, compassion, and carrying people along, have been more efficient than any of these structures. </li> <li>To address the issue of power grabbing in the 60s, a change in the business system was made such that no decision can be made without the unanimous consent of the members present. It protected the person managing the subsidiary such that they could not be fired easily but the bureaucracy at the same time restricted opportunities for risk and growth. Hence the success of the group depended on the competence and ambition of the people running each company. However, while the trust was lost and growth was delayed, the companies held on better to funds for reinvestment which promoted overall growth. This however created problems and resentment from the shareholders. </li> <li>When John Ward came along, he increased the dividends to the non-working shareholders from 10 to 25%. Dividend taxes were also removed from the income. His approach was to make the family happy knowing that most of their problems could be addressed with cash. Some of the dividends were also used to take care of the educational needs of non-working shareholders. </li> <li>The family has about 80 shareholders, and after the break-up, things will fragment, and there will not be the usual large family get-togethers. Nonetheless, there will still be some rearrangement because some of these small businesses will come together to work to be more efficient. The strength of emotional bonds will also determine the interaction between these subsidiaries in the future.<br> </li> <li>Unlike the previous structure of the large family where there was no exit clause, Srinath's family business will have one for the shareholders. The company will also take advantage of the newfound freedom from the bureaucracy of unanimous decisions, to take risks and opportunities to grow. </li> <li>In Srinath's family enterprise now, G4 members are only allowed to pass the shares to the linear descendants. Spouses, sons-in-law, and other members cannot enter the family business. This doesn't necessarily guarantee any birthright for the G5; some G4 members have donated all their shares to charity. The G5 is guaranteed to get no more than a decent standard of living and good education.</li> <li>When it comes to lineage, no differentiation is made between sons and daughters, it is simply a factor of competence. TVS has a balance between business and compassion, rather than overly tilting in any direction. </li> <li>Unfortunately, the larger family has never compiled books, photographs, or formally tried to document the family history; this has been a huge disappointment. However, Srinath's uncles tell him not to worry about the past, but to focus on what he can now do in the future. </li> <li>The logistics business was a brainchild of Srinath's cousin, Danesh, and started 10 years ago. The business supplies anything anywhere and unlike FedEx, they can design something and assemble it at the destination. The Rajam family only is entitled to the IPO; they are buying out the shareholding of everyone else. </li> <li>One of the most important things to imbibe is to be fair and just, whether at work or in personal relationships. It goes a long way to make people trust you and builds the energy of people around you. </li> <li>From Srinath to his children: Firstly, be fair and just, be a good person. Secondly, you must add value to the community; do not chase wealth, chase the creation of jobs. Be a positive person always. </li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:50] Meet today's guest, Srinath Rajam. </li> <li>[02:33] What led to this amicable speciation agreement? </li> <li>[05:54] What are the main pillars that have made up the conglomerate over the last 100 years? </li> <li>[08:02] About the two-wheeler operation.</li> <li>[13:50] How have you decided where and how to draw the lines in separating this conglomerate? </li> <li>[16:42] What are the requirements for family members to join the business? </li> <li>[19:56] Are there comparisons between the success or failure of G4 and that of G5?</li> <li>[21:30] Where did the inspiration for this approach towards onboarding come from? </li> <li>[23:30] What formal family governance structures do you have in place?</li> <li>[26:32] What method hasn't worked well in keeping the family together? </li> <li>[34:00] How big was the wider family assembly? </li> <li>[37:50] After the split up, will you carry on the current family structures to your Family Enterprise?</li> <li>[40:38] How do succession and shareholding occur in your new family enterprise? </li> <li>[42:40] How do you view lineage in terms of sons and daughters?</li> <li>[45:51] After the separation, how does the thread of family history and storytelling continue? </li> <li>[49:22] Discussing the family logistics business. </li> <li>[54:40] From Srinath to his children. </li> </ul> <p><strong>For more episodes go to</strong><br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">The Business of Family Newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Srinath Rajam.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, Srinath Rajam is a Director at TVS & Sons, Chairman at Kwik Patch, and one of the four sons of the high profile TVS group of companies. The TVS Group is a long-standing family business, running for over 110 years, which has interests in everything from auto components through to finance. Now after over a century in business, the TVS group has decided to amicably separate. Srinath talks about this historical event and how by keeping it amicable, it sets the stage for the next phase of growth.

Standout Quotes:

  • "The process of how you manage a company is not taught anywhere; the process for how you manage people is not taught anywhere so these are things you need to learn by watching" - [Srinath]
  • "Unless all of us are good human beings, we cannot work in a group" - [Srinath]
  • "If the family is not in one piece... the businesses are going to fall apart" - [Srinath]
  • "I don't worry about control, I worry about what's best for the business" - [Srinath]

Key Takeaways:

  • Srinath is a 4th generation member of the TVS and Sons Family. He talks about a historic date when the family will finally be breaking up the company and separating after 111 years. Unlike many families which split with resentment and animosity, this breakup is rather amicable which sets the stage for growth in the next phase.
  • The seeds for the separation started in 1974, although from the onset, at a point when the Founder of the company had his influence waning as a patriarch, there was already a lot of mistrust. It was in 1974 that it became clear that there was no future for the company to continue as one large family which is now manifesting.
  • Over the 48 years since the first conversation was had about splitting up, the company has lost opportunities to advance in IT, however, they were able to structure the core competence of the existing companies.
  • The first phase was in 1927 when the company became the dealer for GM in South India. The next phase was automotive component manufacturing which continues to be the most profitable aspect of the business. The third phase is a two-wheeler operation, which is the largest and most valuable company. Most recently, the supply chain has also been racked up, which is the TVS Supply Chain.
  • About the two-wheeler operation: in 1972, as a young teenager, Srinath had discovered what looked like an electric bicycle which his grand-uncle was creating as a cheap way for people to move around. The engineers had said it would not be possible, but he invested energy, time, and money in it based on his conviction. By 1978, he passed on 10 days before the company was opened. The group was also into all sorts of automotive industries.
  • The strategy for the separation was that whoever is managing will continue to look after business till the separation, then the valuation was done in 2014, and the difference would be settled in cash. The Indian legal system encourages families to have such a business understanding, which was not initially accepted by all 64 shareholders but with persuasion, they agreed to implement it. The company also has very strict requirements regarding competence and experience to join in the business such that family members are not guaranteed an automatic seat.
  • Some of these requirements for joining the family business include Graduation from an Ivy League school, a minimum of 3 years of work experience outside the family business with no help getting the job. These and more only qualify members to apply, after which a competency board will assign a mentor who looks after the possible future leaders, and then they can grow from there. These new family members entering into the business start with a small responsibility like one of the smaller subsidiaries and are mandated to only report to a professional, not their parents.
  • Based on these requirements, most family members are only qualified to apply by their early 30s, which is beneficial for the company because emotional maturity is also critical.
  • Although G4 wasn't particularly groomed for management, they intend to identify those things they lacked and make them available for G5. Since the process of managing companies or people is not taught anywhere, G5 has to be properly introduced by participating as observers in top review meetings. Most of the methods and practices being implemented to groom G5 are ideas from John Ward.
  • Even though many families apply all sorts of family governance structures, not many are successful, meaning those structures do not guarantee anything. The question is "How do you make this work?". The first requirement is trust; without trust, none of these things can work. Next is transparency, and the third is to be Just and Fair. People working together must be good people who like being around each other. Additionally, fairness, compassion, and carrying people along, have been more efficient than any of these structures.
  • To address the issue of power grabbing in the 60s, a change in the business system was made such that no decision can be made without the unanimous consent of the members present. It protected the person managing the subsidiary such that they could not be fired easily but the bureaucracy at the same time restricted opportunities for risk and growth. Hence the success of the group depended on the competence and ambition of the people running each company. However, while the trust was lost and growth was delayed, the companies held on better to funds for reinvestment which promoted overall growth. This however created problems and resentment from the shareholders.
  • When John Ward came along, he increased the dividends to the non-working shareholders from 10 to 25%. Dividend taxes were also removed from the income. His approach was to make the family happy knowing that most of their problems could be addressed with cash. Some of the dividends were also used to take care of the educational needs of non-working shareholders.
  • The family has about 80 shareholders, and after the break-up, things will fragment, and there will not be the usual large family get-togethers. Nonetheless, there will still be some rearrangement because some of these small businesses will come together to work to be more efficient. The strength of emotional bonds will also determine the interaction between these subsidiaries in the future.
  • Unlike the previous structure of the large family where there was no exit clause, Srinath's family business will have one for the shareholders. The company will also take advantage of the newfound freedom from the bureaucracy of unanimous decisions, to take risks and opportunities to grow.
  • In Srinath's family enterprise now, G4 members are only allowed to pass the shares to the linear descendants. Spouses, sons-in-law, and other members cannot enter the family business. This doesn't necessarily guarantee any birthright for the G5; some G4 members have donated all their shares to charity. The G5 is guaranteed to get no more than a decent standard of living and good education.
  • When it comes to lineage, no differentiation is made between sons and daughters, it is simply a factor of competence. TVS has a balance between business and compassion, rather than overly tilting in any direction.
  • Unfortunately, the larger family has never compiled books, photographs, or formally tried to document the family history; this has been a huge disappointment. However, Srinath's uncles tell him not to worry about the past, but to focus on what he can now do in the future.
  • The logistics business was a brainchild of Srinath's cousin, Danesh, and started 10 years ago. The business supplies anything anywhere and unlike FedEx, they can design something and assemble it at the destination. The Rajam family only is entitled to the IPO; they are buying out the shareholding of everyone else.
  • One of the most important things to imbibe is to be fair and just, whether at work or in personal relationships. It goes a long way to make people trust you and builds the energy of people around you.
  • From Srinath to his children: Firstly, be fair and just, be a good person. Secondly, you must add value to the community; do not chase wealth, chase the creation of jobs. Be a positive person always.

Episode Timeline:

  • [00:50] Meet today's guest, Srinath Rajam.
  • [02:33] What led to this amicable speciation agreement?
  • [05:54] What are the main pillars that have made up the conglomerate over the last 100 years?
  • [08:02] About the two-wheeler operation.
  • [13:50] How have you decided where and how to draw the lines in separating this conglomerate?
  • [16:42] What are the requirements for family members to join the business?
  • [19:56] Are there comparisons between the success or failure of G4 and that of G5?
  • [21:30] Where did the inspiration for this approach towards onboarding come from?
  • [23:30] What formal family governance structures do you have in place?
  • [26:32] What method hasn't worked well in keeping the family together?
  • [34:00] How big was the wider family assembly?
  • [37:50] After the split up, will you carry on the current family structures to your Family Enterprise?
  • [40:38] How do succession and shareholding occur in your new family enterprise?
  • [42:40] How do you view lineage in terms of sons and daughters?
  • [45:51] After the separation, how does the thread of family history and storytelling continue?
  • [49:22] Discussing the family logistics business.
  • [54:40] From Srinath to his children.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Srinath Rajam.

Sponsored By:

Links:

  • kwikpatch.com | India — Srinath Rajam is the Chairman and CEO of Kwik Patch (a JV with MYERS Industries, USA) and Director in TVS Mobility .
]]> Srinath Rajam is a Director at TVS & Sons, Chairman at Kwik Patch, and one of the four sons of the high profile TVS group of companies. The TVS Group is a long-standing family business, running for over 110 years, which has interests in everything from auto components through to finance. Now after over a century in business, the TVS group has decided to amicably separate. Srinath talks about this historical event and how by keeping it amicable, it sets the stage for the next phase of growth.

Standout Quotes:

  • "The process of how you manage a company is not taught anywhere; the process for how you manage people is not taught anywhere so these are things you need to learn by watching" - [Srinath]
  • "Unless all of us are good human beings, we cannot work in a group" - [Srinath]
  • "If the family is not in one piece... the businesses are going to fall apart" - [Srinath]
  • "I don't worry about control, I worry about what's best for the business" - [Srinath]

Key Takeaways:

  • Srinath is a 4th generation member of the TVS and Sons Family. He talks about a historic date when the family will finally be breaking up the company and separating after 111 years. Unlike many families which split with resentment and animosity, this breakup is rather amicable which sets the stage for growth in the next phase.
  • The seeds for the separation started in 1974, although from the onset, at a point when the Founder of the company had his influence waning as a patriarch, there was already a lot of mistrust. It was in 1974 that it became clear that there was no future for the company to continue as one large family which is now manifesting.
  • Over the 48 years since the first conversation was had about splitting up, the company has lost opportunities to advance in IT, however, they were able to structure the core competence of the existing companies.
  • The first phase was in 1927 when the company became the dealer for GM in South India. The next phase was automotive component manufacturing which continues to be the most profitable aspect of the business. The third phase is a two-wheeler operation, which is the largest and most valuable company. Most recently, the supply chain has also been racked up, which is the TVS Supply Chain.
  • About the two-wheeler operation: in 1972, as a young teenager, Srinath had discovered what looked like an electric bicycle which his grand-uncle was creating as a cheap way for people to move around. The engineers had said it would not be possible, but he invested energy, time, and money in it based on his conviction. By 1978, he passed on 10 days before the company was opened. The group was also into all sorts of automotive industries.
  • The strategy for the separation was that whoever is managing will continue to look after business till the separation, then the valuation was done in 2014, and the difference would be settled in cash. The Indian legal system encourages families to have such a business understanding, which was not initially accepted by all 64 shareholders but with persuasion, they agreed to implement it. The company also has very strict requirements regarding competence and experience to join in the business such that family members are not guaranteed an automatic seat.
  • Some of these requirements for joining the family business include Graduation from an Ivy League school, a minimum of 3 years of work experience outside the family business with no help getting the job. These and more only qualify members to apply, after which a competency board will assign a mentor who looks after the possible future leaders, and then they can grow from there. These new family members entering into the business start with a small responsibility like one of the smaller subsidiaries and are mandated to only report to a professional, not their parents.
  • Based on these requirements, most family members are only qualified to apply by their early 30s, which is beneficial for the company because emotional maturity is also critical.
  • Although G4 wasn't particularly groomed for management, they intend to identify those things they lacked and make them available for G5. Since the process of managing companies or people is not taught anywhere, G5 has to be properly introduced by participating as observers in top review meetings. Most of the methods and practices being implemented to groom G5 are ideas from John Ward.
  • Even though many families apply all sorts of family governance structures, not many are successful, meaning those structures do not guarantee anything. The question is "How do you make this work?". The first requirement is trust; without trust, none of these things can work. Next is transparency, and the third is to be Just and Fair. People working together must be good people who like being around each other. Additionally, fairness, compassion, and carrying people along, have been more efficient than any of these structures.
  • To address the issue of power grabbing in the 60s, a change in the business system was made such that no decision can be made without the unanimous consent of the members present. It protected the person managing the subsidiary such that they could not be fired easily but the bureaucracy at the same time restricted opportunities for risk and growth. Hence the success of the group depended on the competence and ambition of the people running each company. However, while the trust was lost and growth was delayed, the companies held on better to funds for reinvestment which promoted overall growth. This however created problems and resentment from the shareholders.
  • When John Ward came along, he increased the dividends to the non-working shareholders from 10 to 25%. Dividend taxes were also removed from the income. His approach was to make the family happy knowing that most of their problems could be addressed with cash. Some of the dividends were also used to take care of the educational needs of non-working shareholders.
  • The family has about 80 shareholders, and after the break-up, things will fragment, and there will not be the usual large family get-togethers. Nonetheless, there will still be some rearrangement because some of these small businesses will come together to work to be more efficient. The strength of emotional bonds will also determine the interaction between these subsidiaries in the future.
  • Unlike the previous structure of the large family where there was no exit clause, Srinath's family business will have one for the shareholders. The company will also take advantage of the newfound freedom from the bureaucracy of unanimous decisions, to take risks and opportunities to grow.
  • In Srinath's family enterprise now, G4 members are only allowed to pass the shares to the linear descendants. Spouses, sons-in-law, and other members cannot enter the family business. This doesn't necessarily guarantee any birthright for the G5; some G4 members have donated all their shares to charity. The G5 is guaranteed to get no more than a decent standard of living and good education.
  • When it comes to lineage, no differentiation is made between sons and daughters, it is simply a factor of competence. TVS has a balance between business and compassion, rather than overly tilting in any direction.
  • Unfortunately, the larger family has never compiled books, photographs, or formally tried to document the family history; this has been a huge disappointment. However, Srinath's uncles tell him not to worry about the past, but to focus on what he can now do in the future.
  • The logistics business was a brainchild of Srinath's cousin, Danesh, and started 10 years ago. The business supplies anything anywhere and unlike FedEx, they can design something and assemble it at the destination. The Rajam family only is entitled to the IPO; they are buying out the shareholding of everyone else.
  • One of the most important things to imbibe is to be fair and just, whether at work or in personal relationships. It goes a long way to make people trust you and builds the energy of people around you.
  • From Srinath to his children: Firstly, be fair and just, be a good person. Secondly, you must add value to the community; do not chase wealth, chase the creation of jobs. Be a positive person always.

Episode Timeline:

  • [00:50] Meet today's guest, Srinath Rajam.
  • [02:33] What led to this amicable speciation agreement?
  • [05:54] What are the main pillars that have made up the conglomerate over the last 100 years?
  • [08:02] About the two-wheeler operation.
  • [13:50] How have you decided where and how to draw the lines in separating this conglomerate?
  • [16:42] What are the requirements for family members to join the business?
  • [19:56] Are there comparisons between the success or failure of G4 and that of G5?
  • [21:30] Where did the inspiration for this approach towards onboarding come from?
  • [23:30] What formal family governance structures do you have in place?
  • [26:32] What method hasn't worked well in keeping the family together?
  • [34:00] How big was the wider family assembly?
  • [37:50] After the split up, will you carry on the current family structures to your Family Enterprise?
  • [40:38] How do succession and shareholding occur in your new family enterprise?
  • [42:40] How do you view lineage in terms of sons and daughters?
  • [45:51] After the separation, how does the thread of family history and storytelling continue?
  • [49:22] Discussing the family logistics business.
  • [54:40] From Srinath to his children.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Srinath Rajam.

Sponsored By:

Links:

  • kwikpatch.com | India — Srinath Rajam is the Chairman and CEO of Kwik Patch (a JV with MYERS Industries, USA) and Director in TVS Mobility .
]]> Ashok Melwani - Negotiating an Exit From the 4th Generation Family Business [The Business of Family] http://www.businessoffamily.net/ashok-melwani 1b2595c4-4a42-4198-a868-12dc8e32f597 Mon, 11 Jan 2021 19:00:00 +1000 Mike Boyd full 1 Mike Boyd In 1982, he joined the business full-time, working his way up from brand manager to an executive director of the 4th generation Indian family business. He's a seasoned entrepreneur with decades of experience in retail, food & beverage and distribution, and now an executive coach. Ashok is a guide to the road less travelled. His story is a facinating journey of a struggle to leave the family business and ultimately forge his own path. 50:59 no <p>Ashok Melwani started his career as a teenager, working in his family’s fashion retail stores during the school holidays. In 1982, he joined the business full-time, working his way up from brand manager to an executive director of the 4th generation Indian family business. He's a seasoned entrepreneur with decades of experience in retail, food &amp; beverage and distribution, and now an executive coach. </p> <p>Ashok is a guide to the road less travelled. His story is a fascinating journey of a struggle to leave the family business and ultimately forge his own path.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>"My most disliked few words, 'You should know what to do'." - [Ashok]</li> <li>"If the CEO of a business is not passionate about a business, he has no business to be the CEO" - [Ashok] </li> <li>"If the family business is the only thing on your resume, it's not very worthwhile" - [Ashok] </li> <li>"Crowd brings crowd to a restaurant" - [Ashok] </li> <li>"Two things I and my wife can never give you as parents, we cannot give you resilience, it only comes from hardship... We cannot give you self esteem, it comes only from achieving your own goals and making a name for yourself" - [Ashok] </li> <li>"Everybody has a price at which they might do something which is borderline unethical, and the price depends a lot on your socio-emotional background" - [Ashok] </li> <li>"When one door closes, another door opens.. in order for that to be true, you have to do your part which is don't hang around too long when the door closes" - [Ashok] </li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>Ashok shares that although he wasn't particularly excited to work in the family business, the incentives and knowledge gained made it a perfect introduction to the retail business.</li> <li>If the family business is the only thing on your resume, it's not very worthwhile, even if you were the MD.</li> <li>Ashok discloses that following the impact of the Asian financial crisis on his transition out of the family business, he had fallen into depression for close to a year.</li> <li> If you leave a family business, you don't want to have some small share in the business and start second-guessing whoever is left behind.</li> <li>Although he had a clean exit, there were effects on the family dynamics at the time, as some family members didn't understand why.</li> <li>Despite the many setbacks, looking back, there is no doubt that leaving the family business was the right step to take for Ashok.</li> <li>I have no respect for trust fund kids.</li> <li>You have a life outside and beyond the business, a lot of entrepreneurs are consumed by their business even when they should be spending time with family.</li> <li>Ashok admits that based on his experience with his family business, he was not encouraged to start another one involving his children</li> <li>After interacting with younger family business executive owners, a common notable point was that they were given time to work outside the family business before coming back.</li> <li>From Ashok to his kids: when one door closes, another door opens, don't wait around too long afterward.</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:49] Introducing "Ashok Melwani" </li> <li>[01:56] Ashok narrates how he joined the family business</li> <li>[02:50] What sort of products was the business offering?</li> <li>[13:03] Your career with the family business, where did it reach, and what happened next?</li> <li>[31:32] Ashok explains he had a clean exit from the family business.</li> <li>[34:00] Would you say that leaving the family was the right decision for you?</li> <li>[35:04] How is the family business going today?</li> <li>[36:31] Did you ever try and nurture your children to work with you and create another family business?</li> <li>[38:28] Ashok's opinion on children inheriting wealth</li> <li>[40:39] A notable experience that helped shape his journey.</li> <li>[44:00] What advice would you give to a driven entrepreneur who aspires to be the founding generation of a multi-generational family business?</li> <li>[44:57] What's your take on generational businesses?</li> <li>[46:46] My next stage in life involves venturing into Leadership Coaching</li> <li>[47:35] Ashok's letter to his children</li> </ul> <p><strong>For more episodes go to</strong> <br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for The Business of Family Newsletter at <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">https://www.businessoffamily.net/newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Ashok Melwani.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, Ashok Melwani started his career as a teenager, working in his family’s fashion retail stores during the school holidays. In 1982, he joined the business full-time, working his way up from brand manager to an executive director of the 4th generation Indian family business. He's a seasoned entrepreneur with decades of experience in retail, food & beverage and distribution, and now an executive coach.

Ashok is a guide to the road less travelled. His story is a fascinating journey of a struggle to leave the family business and ultimately forge his own path.

Standout Quotes:

  • "My most disliked few words, 'You should know what to do'." - [Ashok]
  • "If the CEO of a business is not passionate about a business, he has no business to be the CEO" - [Ashok]
  • "If the family business is the only thing on your resume, it's not very worthwhile" - [Ashok]
  • "Crowd brings crowd to a restaurant" - [Ashok]
  • "Two things I and my wife can never give you as parents, we cannot give you resilience, it only comes from hardship... We cannot give you self esteem, it comes only from achieving your own goals and making a name for yourself" - [Ashok]
  • "Everybody has a price at which they might do something which is borderline unethical, and the price depends a lot on your socio-emotional background" - [Ashok]
  • "When one door closes, another door opens.. in order for that to be true, you have to do your part which is don't hang around too long when the door closes" - [Ashok]

Key Takeaways:

  • Ashok shares that although he wasn't particularly excited to work in the family business, the incentives and knowledge gained made it a perfect introduction to the retail business.
  • If the family business is the only thing on your resume, it's not very worthwhile, even if you were the MD.
  • Ashok discloses that following the impact of the Asian financial crisis on his transition out of the family business, he had fallen into depression for close to a year.
  • If you leave a family business, you don't want to have some small share in the business and start second-guessing whoever is left behind.
  • Although he had a clean exit, there were effects on the family dynamics at the time, as some family members didn't understand why.
  • Despite the many setbacks, looking back, there is no doubt that leaving the family business was the right step to take for Ashok.
  • I have no respect for trust fund kids.
  • You have a life outside and beyond the business, a lot of entrepreneurs are consumed by their business even when they should be spending time with family.
  • Ashok admits that based on his experience with his family business, he was not encouraged to start another one involving his children
  • After interacting with younger family business executive owners, a common notable point was that they were given time to work outside the family business before coming back.
  • From Ashok to his kids: when one door closes, another door opens, don't wait around too long afterward.

Episode Timeline:

  • [00:49] Introducing "Ashok Melwani"
  • [01:56] Ashok narrates how he joined the family business
  • [02:50] What sort of products was the business offering?
  • [13:03] Your career with the family business, where did it reach, and what happened next?
  • [31:32] Ashok explains he had a clean exit from the family business.
  • [34:00] Would you say that leaving the family was the right decision for you?
  • [35:04] How is the family business going today?
  • [36:31] Did you ever try and nurture your children to work with you and create another family business?
  • [38:28] Ashok's opinion on children inheriting wealth
  • [40:39] A notable experience that helped shape his journey.
  • [44:00] What advice would you give to a driven entrepreneur who aspires to be the founding generation of a multi-generational family business?
  • [44:57] What's your take on generational businesses?
  • [46:46] My next stage in life involves venturing into Leadership Coaching
  • [47:35] Ashok's letter to his children

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Ashok Melwani.

Sponsored By:

Links:

]]> Ashok Melwani started his career as a teenager, working in his family’s fashion retail stores during the school holidays. In 1982, he joined the business full-time, working his way up from brand manager to an executive director of the 4th generation Indian family business. He's a seasoned entrepreneur with decades of experience in retail, food & beverage and distribution, and now an executive coach.

Ashok is a guide to the road less travelled. His story is a fascinating journey of a struggle to leave the family business and ultimately forge his own path.

Standout Quotes:

  • "My most disliked few words, 'You should know what to do'." - [Ashok]
  • "If the CEO of a business is not passionate about a business, he has no business to be the CEO" - [Ashok]
  • "If the family business is the only thing on your resume, it's not very worthwhile" - [Ashok]
  • "Crowd brings crowd to a restaurant" - [Ashok]
  • "Two things I and my wife can never give you as parents, we cannot give you resilience, it only comes from hardship... We cannot give you self esteem, it comes only from achieving your own goals and making a name for yourself" - [Ashok]
  • "Everybody has a price at which they might do something which is borderline unethical, and the price depends a lot on your socio-emotional background" - [Ashok]
  • "When one door closes, another door opens.. in order for that to be true, you have to do your part which is don't hang around too long when the door closes" - [Ashok]

Key Takeaways:

  • Ashok shares that although he wasn't particularly excited to work in the family business, the incentives and knowledge gained made it a perfect introduction to the retail business.
  • If the family business is the only thing on your resume, it's not very worthwhile, even if you were the MD.
  • Ashok discloses that following the impact of the Asian financial crisis on his transition out of the family business, he had fallen into depression for close to a year.
  • If you leave a family business, you don't want to have some small share in the business and start second-guessing whoever is left behind.
  • Although he had a clean exit, there were effects on the family dynamics at the time, as some family members didn't understand why.
  • Despite the many setbacks, looking back, there is no doubt that leaving the family business was the right step to take for Ashok.
  • I have no respect for trust fund kids.
  • You have a life outside and beyond the business, a lot of entrepreneurs are consumed by their business even when they should be spending time with family.
  • Ashok admits that based on his experience with his family business, he was not encouraged to start another one involving his children
  • After interacting with younger family business executive owners, a common notable point was that they were given time to work outside the family business before coming back.
  • From Ashok to his kids: when one door closes, another door opens, don't wait around too long afterward.

Episode Timeline:

  • [00:49] Introducing "Ashok Melwani"
  • [01:56] Ashok narrates how he joined the family business
  • [02:50] What sort of products was the business offering?
  • [13:03] Your career with the family business, where did it reach, and what happened next?
  • [31:32] Ashok explains he had a clean exit from the family business.
  • [34:00] Would you say that leaving the family was the right decision for you?
  • [35:04] How is the family business going today?
  • [36:31] Did you ever try and nurture your children to work with you and create another family business?
  • [38:28] Ashok's opinion on children inheriting wealth
  • [40:39] A notable experience that helped shape his journey.
  • [44:00] What advice would you give to a driven entrepreneur who aspires to be the founding generation of a multi-generational family business?
  • [44:57] What's your take on generational businesses?
  • [46:46] My next stage in life involves venturing into Leadership Coaching
  • [47:35] Ashok's letter to his children

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Ashok Melwani.

Sponsored By:

Links:

]]> Gautam Goel - 4th Generation Steward of Dhampur Sugar Mills [The Business of Family] http://www.businessoffamily.net/gautam-goel 7aa08729-e12c-4cab-b35a-30c6931acfa3 Mon, 28 Dec 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd Gautam Goel is the fourth generation Managing Director of Dhampur Sugar Mills Ltd, one of the leading integrated sugarcane processing companies in India. 49:50 no <p>Gautam Goel is the fourth generation Managing Director of <a href="http://dhampurintl.com/index.html" target="_blank" rel="nofollow noopener">Dhampur International Pte Ltd</a>, the parent company and Dhampur International Pte Ltd. </p> <p>Founded in India in 1933 by Gautam’s great grandfather, he along with fellow members of the current generation continue to steward the family and business legacy today.</p> <p>Listen on to hear how the business was intentionally split off from a wider family group to resolve in-fighting, how they’ve professionalised the business and what challenges they face when contemplating the 5th generation’s involvement. </p> <p><strong>Standout Quotes:</strong></p> <ul> <li>My dad used to tell me "if you want to join the work, you have to make sure you are capable, I won't yield an inch if I don't think you are capable and you have to fight for your position, I am not going to give it to you" - [Gautam Goel]</li> <li>"I don't believe in the saying Look before you leap because very often you don't leap, only when you leap do you realize what your capabilities are" - [Gautam Goel]</li> <li>"Do unto others as you would have them do unto you" - [Gautam Goel]</li> <li>"Don't be fixated on results, put in your best, do your effort and leave the results" - [Gautam Goel]</li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>Gautam encouraged his daughters to go to college, explaining that going straight to work makes you grow up fast and there is no need to rush the experience when you can enjoy it.</li> <li>When trying different things, it is important not to move too fast from one to another because you might not give each your full attention</li> <li>Business can't be a democracy, one person has to make the decisions</li> <li>Gautam explains that to be in this industry in India, you cannot solely be profit-oriented, you need to have a mindset to do good for your community.</li> <li>Not encouraging recklessness, but as long as you have common sense, it's good to be adventurous and make some mistakes to figure things out.</li> <li>Don't be fixated on results, results are not in your control, your effort is</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:49] About Gautam Goel and the history of his family business.</li> <li>[14:31] How did you end up joining the family business?</li> <li>[20:25] Gautam describes the natural process of his succession noting how this affects decision making in the business</li> <li>[24:55] What does the business look like today, from where it started?</li> <li>[34:36] Is there a next-generation that is interested in joining the family business, and what challenges do you foresee?</li> <li>[40:36] Integrating the idea of outside leadership in the family business</li> <li>[42:26] Are there structures or plans in place regarding family governance?</li> <li>[43:48] Gautam's thoughts on children inheriting wealth</li> <li>[45:50] Are you taking any steps to document the history of the family business?</li> <li>[46:25] Gautam's letter to his kids</li> </ul> <p><strong>For more episodes go to</strong> <br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for The Business of Family Newsletter at <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">https://www.businessoffamily.net/newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Gautam Goel.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, Gautam Goel is the fourth generation Managing Director of Dhampur International Pte Ltd, the parent company and Dhampur International Pte Ltd.

Founded in India in 1933 by Gautam’s great grandfather, he along with fellow members of the current generation continue to steward the family and business legacy today.

Listen on to hear how the business was intentionally split off from a wider family group to resolve in-fighting, how they’ve professionalised the business and what challenges they face when contemplating the 5th generation’s involvement.

Standout Quotes:

  • My dad used to tell me "if you want to join the work, you have to make sure you are capable, I won't yield an inch if I don't think you are capable and you have to fight for your position, I am not going to give it to you" - [Gautam Goel]
  • "I don't believe in the saying Look before you leap because very often you don't leap, only when you leap do you realize what your capabilities are" - [Gautam Goel]
  • "Do unto others as you would have them do unto you" - [Gautam Goel]
  • "Don't be fixated on results, put in your best, do your effort and leave the results" - [Gautam Goel]

Key Takeaways:

  • Gautam encouraged his daughters to go to college, explaining that going straight to work makes you grow up fast and there is no need to rush the experience when you can enjoy it.
  • When trying different things, it is important not to move too fast from one to another because you might not give each your full attention
  • Business can't be a democracy, one person has to make the decisions
  • Gautam explains that to be in this industry in India, you cannot solely be profit-oriented, you need to have a mindset to do good for your community.
  • Not encouraging recklessness, but as long as you have common sense, it's good to be adventurous and make some mistakes to figure things out.
  • Don't be fixated on results, results are not in your control, your effort is

Episode Timeline:

  • [00:49] About Gautam Goel and the history of his family business.
  • [14:31] How did you end up joining the family business?
  • [20:25] Gautam describes the natural process of his succession noting how this affects decision making in the business
  • [24:55] What does the business look like today, from where it started?
  • [34:36] Is there a next-generation that is interested in joining the family business, and what challenges do you foresee?
  • [40:36] Integrating the idea of outside leadership in the family business
  • [42:26] Are there structures or plans in place regarding family governance?
  • [43:48] Gautam's thoughts on children inheriting wealth
  • [45:50] Are you taking any steps to document the history of the family business?
  • [46:25] Gautam's letter to his kids

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Gautam Goel.

Sponsored By:

Links:

]]> Gautam Goel is the fourth generation Managing Director of Dhampur International Pte Ltd, the parent company and Dhampur International Pte Ltd.

Founded in India in 1933 by Gautam’s great grandfather, he along with fellow members of the current generation continue to steward the family and business legacy today.

Listen on to hear how the business was intentionally split off from a wider family group to resolve in-fighting, how they’ve professionalised the business and what challenges they face when contemplating the 5th generation’s involvement.

Standout Quotes:

  • My dad used to tell me "if you want to join the work, you have to make sure you are capable, I won't yield an inch if I don't think you are capable and you have to fight for your position, I am not going to give it to you" - [Gautam Goel]
  • "I don't believe in the saying Look before you leap because very often you don't leap, only when you leap do you realize what your capabilities are" - [Gautam Goel]
  • "Do unto others as you would have them do unto you" - [Gautam Goel]
  • "Don't be fixated on results, put in your best, do your effort and leave the results" - [Gautam Goel]

Key Takeaways:

  • Gautam encouraged his daughters to go to college, explaining that going straight to work makes you grow up fast and there is no need to rush the experience when you can enjoy it.
  • When trying different things, it is important not to move too fast from one to another because you might not give each your full attention
  • Business can't be a democracy, one person has to make the decisions
  • Gautam explains that to be in this industry in India, you cannot solely be profit-oriented, you need to have a mindset to do good for your community.
  • Not encouraging recklessness, but as long as you have common sense, it's good to be adventurous and make some mistakes to figure things out.
  • Don't be fixated on results, results are not in your control, your effort is

Episode Timeline:

  • [00:49] About Gautam Goel and the history of his family business.
  • [14:31] How did you end up joining the family business?
  • [20:25] Gautam describes the natural process of his succession noting how this affects decision making in the business
  • [24:55] What does the business look like today, from where it started?
  • [34:36] Is there a next-generation that is interested in joining the family business, and what challenges do you foresee?
  • [40:36] Integrating the idea of outside leadership in the family business
  • [42:26] Are there structures or plans in place regarding family governance?
  • [43:48] Gautam's thoughts on children inheriting wealth
  • [45:50] Are you taking any steps to document the history of the family business?
  • [46:25] Gautam's letter to his kids

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Gautam Goel.

Sponsored By:

Links:

]]>