- It is essential that in a family business there should exist a Family Constitution which should be a guide to how interpersonal issues, inheritance, succession and rewards are handled. Absence of such a document can prove to be disastrous in a larger unit.
- For a Family Constitution to work, the role of the “Mentor” is critical. How a family functions, depends a great deal on the skills and sagacity of the Mentor. It is of paramount importance that the Mentor is accepted in his or her role by the rank and file of the family members.
- Families erroneously believe that each one of their off spring will be a Bill Gates or a Steve Jobs. Not every one is business oriented nor that way inclined. There could a great sportsman whose talents are going waste as we force him or her to do something there is no inclination to do. Unhappy, incapable members can cause great damage and a sense of inequality can prevail.
- Inequality creates dissension in family businesses. Equality and fair play should be corner stones in the Family Constitution. Otherwise you can’t progress.
- Leadership and entrepreneurship are intertwined for both are dealers in hope.
- A strong sense of mission or higher goal drives the real entrepreneur. This sense of purpose is beyond just making money.
- Entrepreneurship is essentially self-esteem. Without good governance we will never produce world class companies or world class brands.
- In a family business your work is never done. You have to keep the business in trust for the next generation.
Tariq Sayeed Saigol
Chairman, Kohinoor Maple Leaf Group
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