The US is a stellar example of successful family businesses, said TVS Suzuki CMD Venu Srinivasan who is also chairman family business conclave steering committee, and added that they follow certain guidelines to ensure best management and good returns to shareholders. A professionally-run company, non-family owned, need not be always successful, he said citing the case of Best & Crompton and Binny which were legacies of the British Raj. On the other hand,family businesses survived for several generations if the family was managed well.

The problems that affected outside shareholders were also the same that affected owners. In the days of acquisitions/mergers, difficulties in getting talented hands, who preferred jobs with MNCs or working abroad, and issues of succession, it should be the guiding motive of dispassionate and good management and name and brand of the company which should inspire loyalties rather than mere personal satisfaction.

The CII meet is expected to discuss the framing of the handbook of family business, the formation of an internal family board (apart from the usual one) comprising family members which would meet far more frequently and discuss issues, the power to this board which would allow graceful exiting of business by a family member and a fair succession dependent on competency of person.

The various noticeable trends in business which the CII meet will be taking into account are that management is becoming a team effort,strategic management is becoming important, professional management is replacing entrepreneurial management, new roles are defining retirement, women are playing important roles, family business education and consulting are becoming realities.