Asif Merchant, MD, Catwalk
B A Srinivasan, CEO & MD, Viveks Ltd
Balakrishnan, CEO, ABC Apparels Pvt Ltd (Venfield)
R Maheshwari, CEO, Texpert
Rachit Mathur, Principal, The Boston Consulting Group
Rafiq Sait, MD, Gatsby India Ltd
Subhash Chandra, MD, Sangeetha Mobiles
Sunil Sanklecha, Founder, Nuts & Spices
Vivek Mendonsa, Director – Marketing, Lawrence & Mayo
Amit Sarda, MD, Soul Flower
Moderator:Bijou Kurien
The five traits of enduring Family Businesses
How can multiple generations co-exist in a family business?
• The younger generation always infuses current perspectives into the business. This has helped us to move away from a “dukaandar” mindset into corporate set-ups.
• Letting-go is always difficult for older generations but prioritising growth is critical.
B A Srinivasan, CEO & MD, Viveks Ltd
• Multiple generations can co-exist by creating shared values and by gauging ability of family members objectively.
• Loyalty, integrity and honesty – these have been our driving principles for 137 years from one generation to the next.
• Family members’ strengths are gauged and they are allowed to choose portfolios that they are passionate about.
Vivek Mendonsa, Director – Marketing, Lawrence & Mayo
How do you train and retain people?
• Ownership values are the core of our business.
• We have build a family that has nothing to do with blood ties.
• This have enabled us to launch 377 points-of-sale in 10 years.
• We have learned from our mistakes and tweaked the business models several times.
• We have created entrepreneurs at every level, especially at the front end. We make our people dream like us.
Asif Merchant, MD, Catwalk
What are the strengths and challenges of a family-owned retail outlet?
• Once we get fundamentals right, scalability is a matter of time.
• We believe in hiring people at the bottom of the hierarchy and elevating them to managerial positions in 5 years. Thus we have grown from 57 lakh to 65 crore in 15 years.
Sunil Sanklecha, Founder, Nuts & Spices
• Money and material are available but manpower is a challenge. So we believe in cultivating our people and creating a sense of belonging.
• Although I allow my children to drive the business, I encourage them to have some principles of fairness and loyalty.
Rafiq Sait, MD, Gatsby India Ltd
How can a brand be built in the textile and apparel industry?
• We value the ideals of ownership and entrepreneurship. Brand values are an extension of this.
• These values have helped us to establish 166 stores across 19 states and 77 cities.
R Maheshwari, CEO, Texpert LTd
• We were pushed to start a brand because some of the leading brands in the market at that time refused to supply merchandise.
• Today, we are retailing across 28 stores and our products are sold at some of the leading multi-brand outlets in the country.
Balakrishnan, CEO, ABC Apparels Pvt Ltd (Venfield)
How do retail entrepreneurs in India perform vis-a-vis others in the world?
• Nine of the 25 richest people in the world are retailers. This demonstrates opportunity in the industry.
• Indian entrepreneurs seem to take longer to adjust their mind-set to evolve their business.
• South Asian markets have a lot to teach India about business aspects such as standardisation v/s customisation.
• Indian retail entrepreneurs are unparalleled in their knowledge and understanding of their local markets.
Rachit Mathur, Principal, The Boston Consulting Group
How do retail entrepreneurs plan expansions?
• From one store in 1974 to 2002, we have opened 100 stores until today.
• We corporatized the company nearly two years back. However, family members maintain a hands-on approach.
• We have introduced many value-added services to drive sales, such as insurance, service home-delivery and two-year warranty.
• Constant innovation has enabled us to avoid dilution of equity.
• Being a South-based company we have now ventured into Delhi and Chandigarh on a franchise basis.
• Our expansion model was driven by the boom in telecom sector.
Subhash Chandra, MD, Sangeetha Mobiles
What are the pros and cons of the franchising model?
• Standard Operating Procedures (SOP) are what separate a owner-managed outlet from a franchise-holder.
• As an owner, one has the freedom of not following SOP. However, franchises have to follow SOP to maintain brand identity.
Balakrishnan, CEO, ABC Apparels Pvt Ltd (Venfield)
• I established Soul Flower with the singular concept of introducing India to aromas and essential oils.
• Creativity is the key to our business.
• Franchising, for us is about scale.
Amit Sarda, MD, Soulflower