Understanding the DNA of family Business and Patnership Firm!

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Understanding the DNA of family Business and Patnership Firm!!!

Studying human DNA and genetics is important as it can help scientists better understand where humans came from as a species. It can help elucidate the connections between different groups of people and give historians and anthropologists a clearer picture of historic human migration patterns.
In some cases, a person's genome can give clues to his personal ancestry and help him understand his genealogy. Genetic testing has been used to verify or rule out relatedness of individual persons or populations.

The study of human DNA and genetics can be intellectually fascinating, but it also has plenty of practical applications. From the use of DNA in court cases to the discovery of new therapies for genetic diseases, a thorough understanding of the human genome can have important medical, social and legal impacts.

The same applies to family business and partnership firms. It is equally important to study their business DNA which can either make the business last for generations or snap it off with acriomony.

The relationships between the family members or the partners are quite delicate. Relationships are the driving factor for decision making. Decision making drives the organization. In short, the organization is connected to each SELF.

Business can thrive as long as every family member or partner is heard, made comfortable. Each of them have their own mindset, personal and family vision, and finally their egos – their invidual DNA’s, which need to be synergized for longevity of the business.

The professionals on board are well aware of the challenges ahead and accordingly strategize the business. The vision is quite clear and seems within reach. It’s the internal and interpersonal resistances of the share holders which appear as the road blocks “Speed of Thought” and “Speed to Market”.

Such business DNA though which may seem difficult and quite complex to understand, are rather quite simple, if analyzed in its element form. DNA elements of a successful business:

  • Trust: It is very fundamental to ignoring and forgive for maintaining healthy relationships. Develop a good level of trust on each other’s capabilties and character
  • Space: Each partner has his/her own space to explore, learn, execute, make mistakes and analyze the solutions. Create a learning organization, where mistakes are the first learning tools
  • Communication: Communicate with passion by integrating the heart, mind and soul into a comfortable and pleasant language
  • Vision: Personal, family and business visions should be thoroughly aligned. Revisit the vision continually check for tangents, if any.

Trust, Space, Communication and Vision are key elements of the Business DNA. Culture, Values, Vision come from the DNA and get passed on the business for longevity and success. Healthy DNAs ensure healthy business

Nilesh Arora BTech (Mech), IIM – A Alumnus, Certified Corporate Director – CCD®, Certified Management Consultant – CMC®, is the Founder Partner of ADDVALUE Consulting Inc. and the pioneer of Value Added Coaching- VAC®.
He is a Business Coach and Mentor, having decades of experience in training, consulting, coaching and mentoring across the globe. He has trained several professionals, mentored CEOs and assisted corporates in their journey to excellence. For more details log on to: www.valueaddedcoaching.com