Managing Family Business: The Secret Fabric of Success
By Manish Mandhana, CEO, The Mandhana Retail Ventures Ltd
Surviving and retaining the family business for multiple and diverse generations is not an easy task. The success of long term business growth and expansion cannot be condensed in plain numbers and formulas. But as a CEO of The Mandhana Retail Ventures Limited I can definitely quote that the success of a family business is driven by the fabric of growth, trust and unity.
Grow with Every Generation: Strong moral values and principles of honesty, trust, philanthropy and hard work have been the foundations of my upbringing. I have seen our business flourish over three generations; my grandfather, Late Mr C.R. Mandhana took the first step into the textile business with retailing white cloth a.k.a. Dhoti, being the most worn apparel post-independence. Subsequently, my father, Mr B.C. Mandhana alongside my uncle, Mr P.C. Mandhana extended the textile vertical by venturing into trading ready-made fabrics with stitched garments being introduced by me. Each generation’s hunger to take a step forward has been the key catalyst of the growth for the business. Being an entrepreneur and visionary are few of the key qualities I have been lucky to have inherited from my predecessors. Hence as the global licensee of Being Human Clothing, a social-enterprise set up to support the initiatives of Being Human – The Salman Khan Foundation, I feel I could manage to honour my ancestors and their legacy by adding another feature to this family business.
Allocation of Responsibility: This one is simple. One has to see family members like the fingers of our hand; each differ in size but is significant enough in their role and when closed, they become as strong as a punch. It is important to analyse the unique strengths of family members and to allocate them roles where their contribution will add value. Hence, unity will define the family business morals from the inside and the outside.
Build Family Trust: Family business comes with many challenges and setbacks but what keeps it from weathering the odds is trust. You have to be united, during the good times and the bad. Trust should not be restricted to just family members but extended to employees as they are equally involved in the growth of the business. They come with professional expertise and talent and contribute to the diversification of brand. To put it simply; make the organisation your family.
A business run by a team of family members and dedicated employees is more resilient and more likely to succeed than any other kinds. Almost all companies start out as family businesses, but only those who possess strong morals and principles of trust, honesty and hard work endure and prosper over the generations.