Family businesses in India face an uphill task in adapting to the new business climate ushered in by the opening up of the economy. Nurtured during the protectionist years of the Licence Raj, they today run the risk of being relegated to the sidelines unless they can quickly transform themselves into professionally managed organizations. This timely book provides an insight into the evolution and working of family owned organizations in India and the key, often vexatious, issue of succession. Using three longitudinal case studies spanning fifteen years, Professor Sampath provides a comprehensive discussion of the problems and dynamics of family businesses in transition. Drawing upon his direct consulting experience with family organizations, he analyses their growth through different phases of being managed by the progenitors (founders) and their successors. He highlights the dilemmas faced by family organizations owing to conflicting cultures between the founders anchored in traditional value systems and the next generation, which is primarily schooled in western theories. The book discusses the ways and means these differences can be resolved and develops a unique entrepreneurial growth model for running a successful family enterprise taking into account the cultural dynamics. Written in an extremely absorbing style, this book will interest owners of family businesses, human resource professionals, organization development specialists, management consultants, management students and researchers working in the area of family business and entrepreneurship.
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