- In India, family-managed businesses contribute almost 70% to the overall GDP.
- During the global recession, family businesses were the driving force with sensible leverage and more.
- As per a survey, only one-third (34%) of businesses cut dividends, and 31% family members took pay cuts.
The unprecedented challenge presented by the coronavirus pandemic has been an event of global awakening. It placed a huge question mark on all the economic and social systems that had been in practice until now, often invariably steered by shareholder primacy and short-term profit maximization. Today, the world needs action directed toward a more resilient, equitable and sustainable economic, societal and environmental model.
And the way corporates have responded to the pandemic has proved that a more principled management philosophy does exist. One particular form of organizational structure —family-owned businesses — when well governed and…