Indian family-run businesses, crucial to the nation’s growth, are increasingly adopting formal succession planning and family constitutions, mirroring practices of larger conglomerates. Driven by experiences of conflict and the need for investor confidence, these businesses are structuring operations, defining roles, and establishing decision-making protocols. While navigating family dynamics remains challenging, the trend signifies a shift towards professionalization and long-term sustainability.
Venkateswaran Doraisamy did not want to join the family business. His dream in college was to start up and give wings to his entrepreneurial spirit. Fate had other plans.