Conclave on family business strategising the future

Abstract

The Paper "Conclave on Family Business Strategising the Future" explores the family owned organization where many success stories have been written of fathers, sons and brothers. Today these organizations are at the cross-roads as new paradigms of managing organizations are emerging. The paper explores the first generation entrepreneurs, the second generation inheritors and the third generation successors. The paper then examines the people profile in family owned organization and the interplay of the three generations as well its employee. Both groups have a long history of association and relationships with each other and the organization. The paper examines the growth of family owned organizations, organization culture, organizational issues, managerial issues and the expectations of different constituencies from each other. The organizations are encountering and addressing the issues of professionalism and professional leadership. Finally, the paper raises some questions as to the ownership and management, the new paradigms of leadership the new employees and the direction which the family owned organizations are taking given the transformations occurring both in the internal and external environment of the organizations.