In context with Indian market it is third highest in terms of number of companies, which are running business.
This is evident due to the society aspects and relationships that are built over period of time and the values of Indian society. This aspect of family business contributes greatly to the employment segment in small, medium and big corporates.
Lot of family business have scaled up and have grown over the years but this is not the scenario with all the family business, though the family business is Third largest in India it also has lot of fatalities which come due to various reasons that prevail in the family where in the relationship takes the precedence instead of informed decision making.
At 666 Business Solutions we understand the fabric of the family run business and the implications and decisions made by the family either based on information or on relations.
Family run business needs change if need to fight out in market which competition which is arising be it technology change, perception change, decision making de centralization which is the major hurdle that we come across in family business.
A hindrance, which we have seen in our experience of re forming family business, is at the management, which wants to change, but not ready to undergo change.