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<\/a><\/p>\nAsif Merchant,<\/strong> MD, Catwalk Moderator:Bijou Kurien<\/strong><\/p>\n The five traits of enduring Family Businesses<\/strong><\/p>\n \u2022 Letting-go is always difficult for older generations but prioritising growth is critical.<\/p>\n<\/div>\n B A Srinivasan,<\/strong> CEO & MD, Viveks Ltd<\/p>\n <\/p>\n \u2022 Loyalty, integrity and honesty \u2013 these have been our driving principles for 137 years from one generation to the next.<\/p>\n \u2022 Family members\u2019 strengths are gauged and they are allowed to choose portfolios that they are passionate about.<\/p>\n<\/div>\n Vivek Mendonsa,<\/strong> Director – Marketing, Lawrence & Mayo<\/p>\n How do you train and retain people? \u2022 We have build a family that has nothing to do with blood ties.<\/p>\n \u2022 This have enabled us to launch 377 points-of-sale in 10 years.<\/p>\n \u2022 We have learned from our mistakes and tweaked the business models several times.<\/p>\n \u2022 We have created entrepreneurs at every level, especially at the front end. We make our people dream like us.<\/p>\n<\/div>\n Asif Merchant,<\/strong> MD, Catwalk<\/p>\n What are the strengths and challenges of a family-owned retail outlet? \u2022 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.<\/p>\n Sunil Sanklecha,<\/strong> Founder, Nuts & Spices<\/p>\n <\/p>\n \u2022 Although I allow my children to drive the business, I encourage them to have some principles of fairness and loyalty.<\/p>\n<\/div>\n Rafiq Sait,<\/strong> MD, Gatsby India Ltd<\/p>\n How can a brand be built in the textile and apparel industry? \u2022 We value the ideals of ownership and entrepreneurship. Brand values are an extension of this.<\/p>\n \u2022 These values have helped us to establish 166 stores across 19 states and 77 cities.<\/p>\n R Maheshwari,<\/strong> CEO, Texpert LTd<\/p>\n \u2022 Today, we are retailing across 28 stores and our products are sold at some of the leading multi-brand outlets in the country.<\/p>\n Balakrishnan,<\/strong> CEO, ABC Apparels Pvt Ltd (Venfield)<\/p>\n How do retail entrepreneurs in India perform vis-a-vis others in the world? \u2022 Indian entrepreneurs seem to take longer to adjust their mind-set to evolve their business.<\/p>\n \u2022 South Asian markets have a lot to teach India about business aspects such as standardisation v\/s customisation.<\/p>\n \u2022 Indian retail entrepreneurs are unparalleled in their knowledge and understanding of their local markets.<\/p>\n<\/div>\n Rachit Mathur,<\/strong> Principal, The Boston Consulting Group<\/p>\n How do retail entrepreneurs plan expansions? \u2022 We corporatized the company nearly two years back. However, family members maintain a hands-on approach.<\/p>\n \u2022 We have introduced many value-added services to drive sales, such as insurance, service home-delivery and two-year warranty.<\/p>\n \u2022 Constant innovation has enabled us to avoid dilution of equity.<\/p>\n \u2022 Being a South-based company we have now ventured into Delhi and Chandigarh on a franchise basis.<\/p>\n \u2022 Our expansion model was driven by the boom in telecom sector.<\/p>\n<\/div>\n Subhash Chandra,<\/strong> MD, Sangeetha Mobiles<\/p>\n What are the pros and cons of the franchising model?
\nB A Srinivasan,<\/strong> CEO & MD, Viveks Ltd
\nBalakrishnan,<\/strong> CEO, ABC Apparels Pvt Ltd (Venfield)
\nR Maheshwari,<\/strong> CEO, Texpert
\nRachit Mathur,<\/strong> Principal, The Boston Consulting Group
\nRafiq Sait,<\/strong> MD, Gatsby India Ltd
\nSubhash Chandra,<\/strong> MD, Sangeetha Mobiles
\nSunil Sanklecha,<\/strong> Founder, Nuts & Spices
\nVivek Mendonsa,<\/strong> Director – Marketing, Lawrence & Mayo<\/a><\/strong>
\nAmit Sarda,<\/strong> MD, Soul Flower<\/p>\n<\/a>How can multiple generations co-exist in a family business?
\n<\/strong><\/p>\n<\/a>\u2022 The younger generation always infuses current perspectives into the business. This has helped us to move away from a \u201cdukaandar\u201d mindset into corporate set-ups.<\/p>\n<\/a>\u2022 Multiple generations can co-exist by creating shared values and by gauging ability of family members objectively.<\/p>\n
\n<\/strong><\/p>\n<\/a>\u2022 Ownership values are the core of our business.<\/p>\n
\n<\/strong><\/p>\n<\/a>\u2022 Once we get fundamentals right, scalability is a matter of time.<\/p>\n<\/a>\u2022 Money and material are available but manpower is a challenge. So we believe in cultivating our people and creating a sense of belonging.<\/p>\n
\n<\/strong><\/p>\n<\/a>\u2022 We were pushed to start a brand because some of the leading brands in the market at that time refused to supply merchandise.<\/p>\n
\n<\/strong><\/p>\n<\/a>\u2022 Nine of the 25 richest people in the world are retailers. This demonstrates opportunity in the industry.<\/p>\n
\n<\/strong><\/p>\n<\/a>\u2022 From one store in 1974 to 2002, we have opened 100 stores until today.<\/p>\n
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