Sustenance, growth, and continuity of family business and partnership rms are vital. Only a few firms are passed on to the next generation. Self, family, partners, social fabric, and business are intricately woven. They are dependent yet mutually exclusive at times. The interrelationships are unique and each of them needs a different approach for making them healthy and long-lasting. Excellence principles need to be followed stringently.

• Define the purpose of the family business
• Create a clear business vision
• Integrate self-vision and family vision with the business vision
• Define the roles of each family member from the beginning
• Choose the driver of the family business
• Structure family members in business for authority, responsibility, accountability, and responsibility of every family meeting in business
• Give freedom to family members to take decisions
• Provide space to perform and improve
• Take holistic decisions in line with the vision
• Review performance with teams
• Avoid comparative performances
• Ignore the mistakes of your partners
• Learn to forgive
• Get work done thru teams to meet the desired goals
• Move from “Being Big” to “Being Pro table”
• Monthly remuneration and annual dividends which are “Real Money”
• Spread business risk, create wealth
• Induct the next generation with a clear growth plan
• Appoint an Independent director for chairing board meetings
• Annual celebration