{"id":908,"date":"2017-08-21T16:36:00","date_gmt":"2017-08-21T11:06:00","guid":{"rendered":"https:\/\/www.luciensandbox2.com\/soch\/?p=908"},"modified":"2024-06-03T18:30:28","modified_gmt":"2024-06-03T13:00:28","slug":"ensuring-the-continuity-of-family-business-legacy","status":"publish","type":"post","link":"https:\/\/www.luciensandbox2.com\/soch\/ensuring-the-continuity-of-family-business-legacy\/","title":{"rendered":"Ensuring the continuity of family business legacy"},"content":{"rendered":"
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In 2011, Mr. Suresh Prasad and Mr. Kishor Prasad, the second generation owner of SSK Ayurveda Ltd. realised that to continue the legacy of the Family business, they will have to proactively work on the succession planning for the future generations.<\/p>\n\n

They did not have a clear choice of successor from the third generation and lacked a process of succession planning\nfor the generations to come.<\/p>\n\n

Lack of future opportunities and wealth creation disengaged the third generation to continue with the family business.<\/p><\/div><\/div><\/div><\/div>

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SOCH Business Mentors started by having a series of\ndiscovery led conversations and meetings with multiple\nstakeholders to gather different perspectives, aspirations\nand expectations from the family business.<\/p>\n\n

We then worked with the business owners and the family\nmembers to gain a deeper understanding of the situation\nand co-develop an actionable approach to achieve the\nambition.<\/p><\/div><\/div><\/div><\/div>

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We invited all family members to participate in a proven step-by-step process to help them understand other family\nmembers point-of-view better, define the core value and purpose of the family and visualise the desired future state of\nthe family business. We also facilitated the build-up of a clear roadmap with milestones to collectively achieve results. <\/p><\/div><\/div>

To enable a systematic, sensitive yet empathetically robust process of decision-making in the family, we gradually introduced formal governance awareness, essential mindsets, steering bodies such as Family Assembly and Family Council.<\/p>\n\n

These bodies fundamentally exist to protect and moblise\nthe family constitution we facilitated them to build over a\nquarter or so.<\/p>\n\n

We facilitated the family members to have open\ndiscussions and to make choices that will become the\nfoundation of the succession plan. <\/p><\/div>\n\n

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The family members actively participated and\nco-created a succession plan for future generations\nto take the business forward.<\/p>\n\n

We introduced an equity structure to create\nopportunities for wealth creation for the third generation\nin return for their sweat and toil. This attracted the\nyounger generation to come in & put their best years\ninto the business.<\/p><\/div><\/div>

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The process of \u201cSuccession Planning\u201d resulted in family members seeking involvement in expanding the activities of the\ncompany. It inspired and inculated a sence of pride to be a part of the founder\u2019s legacy resulting in a significant growth\nof 12% in their revenue and increased market share.\n<\/p><\/div><\/div>","protected":false},"excerpt":{"rendered":"

In 2011, Mr. Suresh Prasad and Mr. Kishor Prasad, the second generation owner of SSK Ayurveda Ltd. realised that to continue the legacy of the Family business, they will have to proactively work on the succession planning for the future generations. They did not have a clear choice of successor from the third generation and<\/p>\n","protected":false},"author":16,"featured_media":1315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"insight_type":[28],"class_list":["post-908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-business","insight_type-case-study"],"_links":{"self":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/posts\/908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/comments?post=908"}],"version-history":[{"count":12,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/posts\/908\/revisions"}],"predecessor-version":[{"id":1879,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/posts\/908\/revisions\/1879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/media\/1315"}],"wp:attachment":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/media?parent=908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/categories?post=908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/tags?post=908"},{"taxonomy":"insight_type","embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/insight_type?post=908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}