What does it take to Survive the Family Business?

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On this episode of The Family Business Voice, Ramia speaks with business leader, entrepreneur and author Priyanka Gupta Zielinski talks about her book “The Ultimate Family Business Survival Guide”, which examines the effective characteristics of Indian family businesses that all enterprises can adopt to navigate unpredictable events, including the COVID-19 pandemic.

Priyanka Gupta Zielinski, Executive Director of MPIL Steel Structures Ltd., draws on what she has experienced working in her own family’s business to inform the findings in her book and present a unique manual to help family businesses thrive, even in times of crisis.

Episode Takeaways

-Many family business success stories begin when multiple generations are able to find common ground. Often, next generations can bring technological advantages to a business structure built with resiliency as a core tenant of its founding generation.

-When confronted with business roadblocks, families benefit from looking within themselves and examining their business history and legacy. Leveraging a management style fortified by experience and wisdom can both empower and inspire those tasked with the tough decisions.

-There are five tools that family enterprises can use as coping mechanisms during turbulent times, but the “flashlight tool”, which helps businesses visualise and fully understand future shifts brought on by disruptions such as digitization, is particularly relevant during the current times.

Read Priyanka’s book here.