Family Businesses control more than 90% of world commerce. In India, too, over 85
% of all businesses are Family Owned. Over 80% of these are Family Run.
However, 70% of all Family Businesses fail to make it to the next Generation. Of the ones that do, 90% DO NOT make it to the next one. And only 4 % survive to the Fourth Generation.
Family Matters, rather than business matters, are the main reason for this high level of failure. Lack of Family Unity and Interpersonal issues between Family Members are the major culprits.
Traditionally most Families as well as the Consultants/Advisors focus on the business and its associated matters. The Family as a unit is ignored and, very often, either taken for granted or not even brought into the consideration of the discussions. The traditional and technical solutions fail to address the nuances of Family Businesses and hence do not help in ensuring the longevity of the Family Business.
It is against this backdrop that a team of professionals have set up Families And Business, FAB, a platform for Family Business Owners. FAB will work towards creating awareness of matters of family, which when overlooked and not addressed, can bring down running businesses. FAB also envisages to empower and strengthen the Owners to ensure Business Success, as well as Family Harmony, for generations.
FAB differentiates itself by focusing the attention of the Business Families on the need for a comprehensive and integrated approach to their businesses. Moving beyond just the financial part of the business, FAB focuses on belief that Families can create greater value through increased cohesion between their Family Members.
FAB helps Family Business Owners to network and share experiences about the distinctive challenges and opportunities they face. FAB promotes networking and sharing of knowledge & best practices amongst peers.
The Professional team at FAB has decades of experience of working with, and solving problems of, Family Businesses across Industries and Functions, in India and overseas. The team is led by Ms. Sonu Bhasin, a mathematics graduate from St. Stephen’s College and a Management post graduate from FMS, Delhi.
Sonu Bhasin has spent a large part of her professional life, as a Banker and as part of a large Conglomerate, working closely with the Owners of Family Businesses. As a Banker she helped many Family Business Owners work their way successfully within the family related complexities. She has seen small Family Businesses grow to be large and successful while on the other side she has also seen successful Family Businesses failing to perpetuate. Therefore, she understands what it takes for a Family Business to prosper as well as the frustration that Owners go through when they are unable to find answers to family problems which prevent their businesses from prospering and perpetuating. She has the experience of working with Family Business Owners and helping them to settle matters for their betterment. Some of the areas in which she has personal expertise are: looking at the Family Business through the prism of Family dynamics; bringing the Inheritors to the Business; organizing the Governance of the Business and the Family; dealing with cultural issues in the Families. It is with this deep insight that she leads the team at FAB to get the Families to focus on matters of family that have a direct bearing on their Business.
The Team at FAB is comprised of skilled professionals from a diversity of professional backgrounds. Some, in fact, are family business owners themselves and therefore understand the challenges faced by similar families.