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First, let me thank you for writing this piece about “Family Governance”. I have been hearing about this concept since a long time, being involved as the fourth generation in my family business. The first time I heard about this was when I got to know about the Navneet Family. I was rather surprised to hear that they have their own 120 pages long constitution guiding the new generation into the view of family ethics. I personally feel that this reduces the effectiveness of the new generation’s ability to think. The element of ‘brain storming’ is lost once having different views and ideas are considered out of place. I say this out of my personal experience. I joined my family business in 2016, we are into manufacture of pharmaceutical products. After working for a few months and seeing the problems, I suggested a change in the registration systems to SAP. I faced a lot of resistance from my uncle as he was of the belief that it was nothing but an expense. He also believed that manual entries would be better as operating SAP would require skilled labor. What he failed to realize, was that the ‘Nominal’ losses incurred due to errors in manual operations would cost us much more. This is also to do with the fact that no matter how old we get, we will always be their little kids. This undermines the intellect and a Perception the new generation has to offer. Family governance sometimes fail to recognize that change is the only thing that’s constant. This thus leads to retardation of growth and leaves them unprepared for problems of tomorrow. In my perception, family governance would be very effective when resolving conflicts. I personally feel that growth of the family business maximizes when the youth is left without boundaries, and thus, having faith in the new generation and not binding them under a Family Governance will provide to be a stepping stone to Progress.

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