Many of India’s largest and most celebrated companies today are nurtured by a group of promoters and family members who were driven with determination and a never-say-die entrepreneurial spirit backed by a sound culture and value system. Family businesses are recognised for their commitment, passion and dedication to their business. They are more likely to retain talent in tough economic times and take a long-term perspective to operations. Stable leadership patterns and flexibility allow them to make faster decisions while enabling growth so to continuously reinvent themsleves from one generation to the next.
At LCC, we recognise the valuable contribution that family businesses have made, and will continue to make, towards the growth of the Indian economy, whether it is through increased employment, investment outlays, community initiatives or through contributions to the exchequer. The significance of family-run businesses has grown and today, many family businesses have stepped outside their footprint to acquire companies in new industries and new geographies. As family businesses expand, they are faced with a unique set of challenges that revolve around succession planning, business continuity, conflict management and generational differences. LCC serves as a valuable resource to make sure vision and efficiency align to create continued success.