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Family Businesses Becoming Liberal, Good or Bad?
Bangalore: In India, the family businesses are changing their overall process in their management system. They have become liberal in giving the leadership throne to professional managers, who are not from their family. The best recent example for this is Cyrus Pallonji Mistry, who has been appointed as the Deputy Chairman and Chairman-Designate of Tata Group. He has become one among the global executives to watch out in the year 2012. According to a report released by Barclays Wealth, nearly 67 percent of the respondents were of the opinion that they are liberal to give the leadership roles to non-family professionals in their business.
Fievet of Barclay’s Wealth, explains that culture and leadership is probably even more important in a family business and if you have a strong individual who is capable of driving the family business, he can help with cohesion and ensure that goals and objectives are shared. But it is very good when the family succession works, but at the same time it is really terrible when it fails.
