India holds IMD’s annual family business network world summit

Prof Schwass said a70% of all businesses, whether in North America, Europe, Middle East or China, are family owned. In India, around 95% of all registered companies are family businesses or founded by entrepreneurial families. Therefore it becomes imperative that the nuances of relationships be understood and worked upon so that family run businesses run from strength to strength and expand in the global arena.a

Family businesses are the oldest and most common type of business worldwide. Creating a major share of turnover, employment and tax payments, they form the backbone of our economic system. With their long-term perspective and stakeholder orientation, family-owned businesses represent capitalism with a human face a combining social responsibility with a determination for economic success. Particularly in hard times they play off their competitive advantages. Recent studies show that excellent family-owned companies around the globe outperform public companies in terms of long-term growth, profitability and stability.

Courses on family business help the companies in evolving as corporate entities as well as develop robust relationship capital. These would help organizations to improve and learn in a phased manner. These will also help explore the issues of strategic growth, governance structure, culture & sustenance.