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Mentoring the Next Gen of India Inc.

Mita Dixit

Author: Mita Dixit

Date: Tue, 2017-05-30 09:25

Sunil Kulkarni was in a pensive mood. In the last six months, the situation was improving and he was experiencing a positive change. He reflected on recent events. His son and executive team members were now communicating more constructively during management meetings. He, himself was less anxious. 

Sunil was the founder of a mid-sized company manufacturing auto parts. His son had joined him three years ago. For the last two years the business was stagnant and he was facing crucial challenges of how to improve business performance and how to groom his son for the leadership position.     

Six months ago, Sunil invited a family business advisor-mentor to help him and his business to untangle the knots of confusion, conflict, and develop a long-term roadmap. Involvement of the mentor was effective. He and his son had started interacting meaningfully and the executive team was charged up.  

A large number of family-owned-and-managed businesses in India are going through a phase of transition just like Sunil. The next generation is taking over the reins of the business, business complexities are increasing, and successors though well educated, lack experience to lead the business. In such situations, prudent family owners realise the need for a hand-holder, a mentor who would understand the family dynamics as well as business scenario, who would coach younger generation to be future ready, and strengthen the communication bridge among family members and executive teams.

Why mentoring?

The next-gen successors in family businesses in India usually occupy important positions because of being the owner’s son or daughter. Such an entitlement may not earn respect from employees. However, if the successors are qualified, trained and possess competencies to lead, they not only earn respect from the employees but also make a mark in their industries as leaders. Here is where the mentors are needed. Mentors play roles of a doctor, a fitness-expert, and a friend-philosopher-guide for the family in business.   

Up until now, external parties such as the family’s chartered accountants and lawyers have been seen as trusted business advisors. However as the family business scenario in India is getting more professionalised, the importance of a specialised family business advisor is being recognised and sought.


What does a mentor do?

One of the most important functions that a mentor serves is to encourage and help communication between different generations of family members. A mentor provides attitudinal and behavioral counselling to family members and helps develop skills that are helpful in the long run. A mentor brings clarity of purpose, creates a family governance mechanism for transparency, and helps breaking down mental barriers that may be restricting the family’s harmony and business growth.

Why are mentors important?

Mentors come on a neutral platform and provide an outsider's perspective for the business. As business owners are generally busy micro managing their businesses, they may have blind spots not easy to recognise. Family business advisors/mentors bring in a fresh perspective and objectivity to the issues in question. Since mentors are themselves professionals with domain specialisations and consulting/coaching experience, they also bring in cross pollination of ideas that will help develop out-of-box solutions for any disputes.

Mentors are particularly important in succession planning and preparing the next generation for leadership of their family businesses by giving them a comprehensive approach to running the business and to meet the future challenges they would face as business owners.

The trend

Mentoring and coaching family business owners is an emerging trend in India. Large business families like Future group, Adani group, Videocon, VIP industries have groomed and trained their younger generation through family business advisors. Renowned management institutes like SPJIMR offer programmes for family business owners to develop their management and leadership skills and also have expert faculty as family business advisors and mentors.

By 2020, almost 37% of Indian family businesses would go through a generational change in leadership. For business owners aspiring to move to the next orbit of growth, planning and preparing the next-gen will be crucial and mentoring will be the need of the hour.

 

Originally published in: Maharashtra Chamber Patrika (March 2017 Vol. XXXXVII No. 12)

 

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This blog has taught me something new which is being faced by family run business. As it’s truly observed, new generation in India is coming in business with faster pace. Since many years family lawyer and chartered accountant is perceived as trusted adviser by businessman. Now with young generation coming in and advisers remain same is creating a conflict. There is need of neutral, unbiased and professional mentor. When young generation which is tech savvy, more professionally learned is taking over a business, there is creation of some ripples. Some companies can manage these ripples but majority of them could not. If young owner gives orders to workers who are two times older than his age then there is some discomfort comes in staff. Swagger of this young generation is somewhat not gelling with old business environment. Young owner is in hurry to implement his ideas. He somewhat ignores advises by old horses. Main job of mentor comes here as connector between two generations. Young owner lacks experience & patience whereas old boss lacks new ideas. Young owner may start to feel overshadowed and frustrated when total power transition is not happening. If this transition is not smoother, it’s likely to disrupt family relationship or business or sometimes both. In family business it’s not just business but their relatives, outsiders are also involved. Each of them has their own pressures & interests on business. Mentor has to connect all these parts together & tighter so that transition is smoother. Mentor has to play multiple roles. He has to be mediator to avoid confrontations. He has to use his skills to bring constructive dialog in business. He has to develop proper succession planning. He has to give his opinion on issues with objectivity. It’s right for business to engage mentors in early time itself. Now many companies have professional mentors which have fresh perspectives and skills on such issues. As author rightly identified, trends of having this mentor in company is likely to increase.

Grooming a successor is definitely one of the biggest challenges in a Family Owned Business. The generation gap has bought about difference of opinions regarding beliefs & values. The same can primarily be attributed to globalization and rapid growth in the recent times. Globalization has infused new perspectives in the minds of Gen-Y. Though the younger generation may bring about vast improvement in the way their family owned business functions, the earlier generations have apprehensions about the style and attitude of the younger generation. The older generations still hang on to age old practices and rarely look to upgrade their facilities despite fierce competition from the outside world. They do not realize that change is the only constant. Also, People resist Change and that is one of the major reasons why employees do not respect the new generation successor. There have hardly been a handful of cases when the successor has earned respect from the employees in Family owned businesses. Mentoring not only helps in smooth transition of the Top Management, but also helps in bringing a new perspective to the business which is the need of the hour. Mentoring also helps in giving the new successor an insight about the business, the work style employed, the expectations from the executive team, the employees and also in giving an outsiders perspective for the business. Mentoring also helps in fostering communication between different generations of the family. It also helps in building confidence in the younger generation in their transformation to a Leader. Mentoring is widely being adopted in MNC’s & Large Industries as well. Mid Managers are given an additional role of being a mentor for a fresher in order to make them feel comfortable and to groom them to become a future manager. Studies revealed that corporate mentoring programs have increased employee retention and engagement. Mentoring has indeed been an effective way in improving the way businesses run and is no exception in case of Family owned businesses as well. With around 37% of the family businesses expected to go through a generational change in leadership by 2020, it is time for the businesses to look for the right mentors to make the future generation business ready.

In Indian context we have many family owned business for which owner expects next generation to help them running business and take over the business in long run. For that they ensures that the next generation is undertaking educational degree like MBA or developing right skillsets which can help running their family business. However most of the times it happens that the business dynamics and demands are altogether different business complexity are increasing which successor although well-educated may not tackle due to lack of experience. At the same time the owners might be running business in their conventional ways which as seen in above example could see conventional approach which may not give different insights or diverse prospects to challenge status quo to take it to different level. Moreover, the owners may not also see the loopholes which can continue with new generation since they will look into problems from owners prospective which may miss new dimensions looking at the problem. Some time, it might happen that owner with very good business insight and leadership qualities but may not give full time attention to mentor and groom their son or Daughter because of business commitments and priorities. Next generation Successor joins the business at some key position directly and may not earn respect from employee which could be because of lack of business exposure or required skillsets for that position. This doesn’t mean that he or she is not fit for that position but just matter of time to understand business insight in that role. Mentor being an industry expert can play a key role here guiding them on various situations and asking them to look at business with diverse prospects. Mentor can bridge communication gap between generations, braking down mental barriers helping business to grow to next level. He can also identify blind spots and being not emotionally attached to business can think of broader aspects while tackling problems. Business family are going beyond CA’s and Lawyers to seek opinions because of global competitiveness and making them-self competent enough. Kishor Biyani who owns and lead 14,000 crore Future group often seeks advices from mentors. When his two daughters joined business he reached out to Ireena Vittal for strategy consultation and also have “Ram Charan” as mentor coach for both daughter.

Mentoring the current generation with an access to world wide resources has become a challenge not only for the family business owners as well as the mentors themselves.The challenge today is not more about directing the newer generation, its more about accepting the thought process/ way of business for the parents /owners of family business which might be contradictory with self belief /discussions based on old age philosophies/ rules/ tradition as against the newer generation which could be right or wrong being subjective and objective time to time. The same discussions though when done with a mentor from non family business with consulting/coaching expertise as mentioned in the blog it does make a difference how the mentee is able to understand and rationalize his/her thinking and respond differently as when same done by the owners who are mostly relatives or parents. So the focus emphasizing on changing trends of family business management because of newer challenges in business, newer laws and the new work ethic and culture, along with corporate companies with bigger and deep pocket entering almost every space of business, keeping up with the ethical, practical and rational approach for the betterment of the family company remains the first sole objective without compromising on few laid downs traditions in business, which can be achieved by having a mentor who can help the new generation get a wider perspective, be rational , gain a more worldly experience first hand as well as get the trainee practical in thinking process .

This blog describes the new change in family oriented business. To bridge the generation gap between the oldies and new generation in a family is very important. Bringing change in the conventional methods is very important to sustain the business and survive through the cut throat competition. Hiring consultants who act as a mentor for small sized or medium sized business help bring fresh perspective, new ideas and thus help them grow. Finding mentor within known circle has been from a long time. But even they come with biases. With new technology, new way of working customer expectations has also changed. To meet such demanding customers, it’s very important to have a mentor from similar industry with diversified knowledge. He will work without any mental barriers. Mentors not only drive positivity in the company, they also groom the successor. Accepting external views by old generation creates conflict. But key to success lies in change. People don’t give much respect to children of business families since they don’t struggle to start up a new business. Their main struggle lies in earning confidence, showing leadership qualities and taking the business to a new level by innovation. To do such things, first thing is gain knowledge of the existing environment. Mentor helps them to grow as a successful leader.

Author has given us good insights about how the role of mentor is extremely important especially in the family own organizations. Many of current generation leaders may be well equipped with the modern technological and management skills but they may not necessarily possess the great business acumen to succeed in the long run, this acumen comes with the experience and therefore it is very important to have mentors who have been gone through a similar process or have good business experience. Mentoring is an end-to-end involvement that is focused on the world view transformation of the individual and his or her consciousness. A great mentor is often what separates success from failure by providing valuable inputs. Mentoring also helps in identification and grooming of successor, helps executive coaching especially business leaders in new role and it also helps in bringing a new idea’s, perspective, outsiders view to the business.

The blog given on Family business and generation gap between owners is real picture we observed in many cases surrounding. We in corporate world everybody wants Mentor to guide and coach. I was not thought before this reading that such Mentoring is really necessary in family business. It is practice in India that new generation automatically started to learn business they have. But as due to generation gap there are huge conflict, no respect of new owner in old employees. Mentor is good tool to resolve conflict and motivating all employees and accepting the new leader. Mentor is outside person and always think from different prospective. As he is expert in core business and having good experience of coaching and consulting, he can give outbox idea and solutions. Mentor can play a good role of friend between different generations of family members. Mentor can play a role of Ice breaker and will help to break mental barriers which are restricting family harmony and business growth. Mentor brings transparency and healthy communication between families which will help to build trust in each other. Mentor are really important to develop leadership qualities in new generation businessman. It also helps for succession planning in family members to meet future challenges in their business. As you rightly mentioned that in 2020 there will be 37% of Indian family will have generation change in leadership, mentoring is crucial requirement and need of hour. The institute like SPJIMR is doing proactive steps of developing mentor which will be need of our country now. In our company also we are recommending new potential leader to get good mentor who will help him for guiding and coaching throughout his career. The results shown through performance drastically distinguish between those have mentor and those don’t have mentor. Even though our company are doing CSR by giving scholarship to students who are economically low family, we are providing mentor for each students. Mentor are guiding students throughout his studies and till he got job or business.

Mentoring is the main key for success not only in the business field but also in sports or arts or any other field. Mentoring is defined as “Mentoring is a relationship between two individuals based on a mutual desire for development towards career goals and objectives. The relationship is a nonreporting one and replaces none of the organizational structures in place”. The practice of mentoring dates back to earlier times. Mentoring is not any new concept it exists from ages whether Lord Krishna mentoring Arjuna in Mahabharat or whether Aristotle mentoring Alexander shows us the importance of mentoring and how mentoring makes a normal person into a legendary icon.In recent years there has been a remarkable rise of interest in mentoring. Mentoring relationships are valued as a very powerful means to longer-term personal development in a business environment. If this same strategy is implemented in family businesses it is always easy to take over business but not the responsibilities related to it and in this situation generally, there is a lot of expectations and to achieve the success and maintain it throughout a need of mentor is necessary right now, this is not the only trend in family business even this strategy used in entrepreneurship. While having a mentor is one of the most valuable things you can do in your career, being one can also be a hugely rewarding experience.

This blog gives an apt description of the role of mentor in grooming the next generation and transformation of business owner’s outlook in the family managed business. Majority of Indian economy is controlled by the family owned business wherein the family is actively involved in the day to day affairs of the business. Family Business as a whole has its own sets of traits like agility, lean structure, cost effectiveness and loyalty. However, like no other business, it also faces challenges like conflicts, distribution of wealth and favouritism. The most unique challenge that this type of business poses is the difference in generations. The new generation are more open to changes in contrast to the older ones. The new generations are mostly well educated but in most of the cases, they fail to understand the dynamics of the business. This is where mentoring plays a pivotal role in bridging the gap. Mentors acts as a guide to provide them with an insight to the business, breaking down of the natural schema and also guides them to deal with unfavourable situations. Mentoring also helps in motivating the employees and accepting the change in leadership. It can bring about a transparency and healthy communication within the family and also guides towards effective succession planning in family members to meet future challenges and growth in their business. Mentoring of the new bud of business school grads to develop their family owned business has evolved immensely over the last few years. Due to rapid growth of globalisation, business owners realised the need of business development skills for the growth of their organisation. It has been rightly pointed by you that mentoring will act as a crucial aspect in the change in regime by 2020 which will bring about a paradigm shift in the family managed business. In modern era many institutions and consultants are taking up mentoring roles to prepare the next generation of young business leaders to take up the challenge of transforming their own family owned business towards higher growth by infusing newly acquired skills and business techniques.

This very well written blog describes role of mentors in family-owned business. She has not used any jargons making it very understandable, she has explained a foreign concept very beautifully. Starting with an apt example and then explaining what, How, why in four headlines, she has kept language concise and simple. This concept although not new has gained momentum in last decade. The blog correctly states that “successors in family businesses in India usually occupy important positions because of being the owner’s son” and these successors have image of only “the privileged one” and might not be able to earn respect they deserve without any credentials. The mentorship by an esteemed institute or by a person may help them not only help them get respect they deserve but also enable them to help in growth for their family business more effectively. History has many examples where successors who have undergone any sort of mentorship have been more successful than who did not. The blog also describes function of a mentor- they not only facilitate communication between different generations of family business but also provide attitudinal and behavioural counselling to help family members and develop useful skills. The blog also describes mentors as neutral party with domain expertise who act as a mediator between father/mother and his/her son/daughter. They also provide external view which help them recognize blind spots in their firm. In and all they help in smoothing transition from father/mother to son/daughter. The blog also states that mentorship in Family-owned business in India is an emerging trend, though large family owned businesses such as Adani, Future group, Videocon have been mentoring successors through taking advice from their business advisors. Blog rightly states that “by 2020, almost 37% of Indian family businesses would go through a generational change in leadership” and mentoring will become more crucial than ever.

India has 15 of the top 20 business groups which are family-owned. India is a young country and has 65% of its population below 35, it is paramount that new generation is going to take leadership now or soon, same has been suggested more precisely by the editorial, “ By 2020, almost 37% of Indian family businesses would go through a generational change in leadership” Young generation with an access to World Best Colleges, equipped with knowledge ready to take on leadership, often faces an acute problem in managing their companies. The major challenge is harmony between new and old practices for running the business. The young generation lack experience and old generation lacks new best practices and technology knowhow. There is always a conflict and because of this business suffers. This creates a gap and thus arises a need of a mentor which can bring in harmony and can recommend which practice suits best in particular scenario. Earlier days these mentors used to be Advisors, Chartered Accountants, but since they tend to get biased which hampers company and self-growth of a young individual. The same discussions though when done with a mentor from non-family business with consulting/coaching expertise as mentioned in the blog it does make a difference how the mentor is able to understand and rationalize his/her thinking and thus help both generations get a wider perspective, be rational, gain a more worldly experience firsthand as well as get practicality in thinking process. Thus need for a mentor in family owned business is crucial as it not only encourages and communication between different generations of family members ultimately a sustainable business growth. Almost every Top B school in India has given a special importance to Family Owned Business Mentoring and SPJIMR, Mumbai is one of them. It will be collective effort of all to take such businesses and assist people in that to achieve new heights with maintaining harmony and order in house thus taking to two digit GDP growth

This blog by Dr. Mita Dixit provides very apt insights about the importance of mentorship and its rising popularity and trends, especially when we talk about the efficiency of family owned and managed businesses in India. But, is mentorship actually becoming more adopted? Is mentorship the only way forward to bridge the gaps? A mentor can be someone in the family, a friend or even an acquaintance. A mentor does not necessarily need to be in a career or at a position or follow a life path that you are interested in, but should take the time to understand who you are and what you want to achieve. A mentor must have the right knowledge and should be willing to leverage their resources to help you achieve your goals. If we look around, we will find this mentor – mentee relation in almost all spheres of life. During the entire life journey, right from the childhood till the time one stops learning, mentors exist in the form of teachers and professors in educational institutes, as bosses and SME’s in offices, as coaches in the field of sports and even as industry experts or consultants in the field of businesses. In my view point, mentoring the next generation is not something that is trending now but something that always existed. Also, a mentor alone may not be able to guide you to success because the question is not only to know how to do things effectively, but also to be aware of what you actually want to achieve. An important position in the overall game is that of a role model along with good mentors. Even though role models are individuals that you might never meet in the entire life, but they can inspire you towards the qualities and characteristics that you would like to emulate. It should be a valid conclusion to say that mentors are important to help with the operational aspects of life and role models are more towards helping with the “aspirational” aspects.

Ma’am, it is really thought awakening to read your article on one of the major issues that the family businesses in India encounters. Even though it described the role of the mentors in bringing up the youth to the businesses, it also made me think about the dilemma of an educated youth in joining his/her family business. As you had said, the stakes are very high when a young member from a family enters to the leadership role of a firm. Both the employees of the firm and the family members start to assess the capability of this young leader. As a young potent, to enter the family business, they will be aware of how the members within the family raises their opinion to the one running the business regarding the firm. Those managing the business, experiences a lot of challenges when they are forced to listen to the opinions from the family regarding the business operations. They are helpless in accommodating people from their family into the business. This is one of the major challenge that the family business posts. The new educated youth are aware of these issues and are thus are hesitant to enter and manage their family business. They know the consequence of the family interventions from different directions in the normal functioning of the business. They will in their near future will have to qualify a family member over other talented people to work for their firm for the advantage of being born in the same family. Once they are accommodated it is a difficult task to monitor or control their own family members at the workplace. Cynical about this unprofessionalism surrounding their family business, they become less interested in managing their own firms and find a professional job elsewhere. However, few of them keep open an option of joining their own firm later. There are few others who move on to study business with the aim of bringing professionalism back to their business. I feel that the mentors you had mentioned, has a bigger role to play to overcome this dilemma among the “Next Gen of India Inc”. They should equip them to tackle the challenges the family owned businesses posts. Institutes like ours should teach these youths how to manage the family pressures and opinions intervening to their professional lives. Thinking in a broader perspective, it is difficult for the bigger firms of the future to be successful with a family hierarchy prevailing in the day to day business. The educated young leaders of tomorrow should to be made ready with the know-how and attitudes to deal with this challenge.

It's a wonderful read ma’am. It reflects your passion and also well thought out plans for mentoring the next generation of India. First, the title attracted me to your blog and I expected to read something about the nature of education system in India. On the contrary, I found that your blog is about family businesses in India which is another topic very close to my heart. I agree with your viewpoint that a mentor is needed to resolve the communication differences between the two generations of the family. But I think my opinion about the origin of those differences would slightly vary from your view point. The major origin of those differences comes from an emphasis on the individual identity laid in today’s education system. Although it is not directly taught, the more educated a person from a family becomes, the more his opinion about the abilities in self increase and the more hatred for olden ways develops. The educated adult starts to think that father’s way of doing business is old and inefficient. What they fail to understand is the fragility of relationships with customers and other elements in their network. What good education has to teach is the application of efficiency and technology to family businesses with good ways and culture of the older generation preserved. If the culture is not preserved and overhauled every generation, Tata would not be a great company and the brand it is today. Walmart would have destroyed itself had it followed the new culture of building big shiny offices for executives instead of cutting costs wherever possible and saving money for customers. Also, I think I have slightly different reasons for the difficult leadership successions happening in today’s family business. Coming from a family with a business background, I could relate to the things you mentioned on your blog very subtly. Leadership successions are difficult not because founders can’t let go because the new generation doesn’t want the founders to let go. Confusing? Yes. Although it sounds contrary to the popular opinion, my experience with 3 transitions seen in our extended family suggests the same. Initially, the new generation is not happy till the founders let go and when they do, they will need some guidance when taking some path changing decisions. Guidance not in terms of advice but in terms of assurance. They need the approval of the previous generation that everything is going to be okay but they don’t want the control of that generation over their decisions. At least in the initial few months, the new generation concentrates on taking the control from the old generation and showing the employees that they take their own decisions and don’t depend on the previous generation. But once they take the control, for the next few months their focus will be on building their own confidence. And ma’am as you rightly pointed out, the need for mentors exists in this space of few months during the transition. Overall, it was an insightful piece ma’ am. Please do keep writing.

This article was very informative and I gained a lot of insights about Family managed business. The blog effectively highlights the change of guard that will take place in the family business zone of India. The need for a support system to groom the next-generation is paramount. While I agree that an experienced family accountant or external consultant will be of help, I believe that young, dynamic MBA graduates can offer a fresh perspective and out of box ideas also be more open to giving criticism without inhibitions. It will have the benefit of working closely with someone of a similar age. There is a trade-off though, as the younger mentor may not be able to connect with the elder generations of the family. Another apt point which I agree with is the need for the establishment of credibility by the person who inherits the business. This is the reason why many star kids and new business owners are looked down upon by the public. Top business schools offering programmes for Family Managed Businesses (FMB) will aid in the establishment of credibility and also equip the future leader with the requisite skills and knowledge to attain respect on his own through his words and actions. Also, the networking opportunities will help expand the business and identify people with similar businesses, hence the ability to use the same mentor. Another possibility in the future is the opening of consultancies for succession planning and mentoring the next generation. This will highlight a shift from the lawyer led ‘behind closed door’ working style of such planning in the past. This will aid the process and establish the quality and provide a standard to the process, thereby also bring positive publicity and promote investor interests. The point about the need for specialized family advisors over lawyers and chartered accountants is brilliant as the changing world of business (Volatility, Uncertainty, Complexity and Ambiguity) has challenging needs and the need for holistic business perspective and experience is critical. Also, even in the need for certain specific expertise, there is always the option of hiring experts for the short time. I recently read an article about Dabur. It highlighted how In a decade, Dabur Foods crossed Rs 250 crore in revenue, the brand cornered over half of the market for juices because of good external guidance and a corporate CEO. Thank you, ma'am, for giving me an opportunity to think about this.

1) The blog gives a bright and explicit picture about age old /long period about family owned and managed businesses, the trend to go ahead with transition to next generation, in order to hand over reigns of existing business. The Author also speaks out about the dire need of mentoring /advisor followed role of mentor which is fast emerging in India and the world. In India family led business is handed over to next generation with a desire that takeover of family business by incumbents (sons, daughter and blood relation relatives) will work as vessels of family honour. 2) In existing circumstances mentor’s role becomes more significant to bring laurels to ingoing family business. The next generation will be saved from sweltering heat by the mentor while taking over family business. The major thrust which occupies next generation about the process of how he will be approaching client, to create big and large opportunities for accelerating product’s marketing in present competitive scenario. From the last three to five years, Indian family business leaders are seeking outside mentors as they are becoming aware of the challenges ahead. Some challenges are related to communication, consensus, and ownership, transfer of ownership, retirement, succession or even building leadership and how to develop relationship with government and private concerns in order to reach high graph for successful business. 3) First, many of the Indian family-led businesses are entering a phase where the next generation is taking over the reins of the business. Visible examples i.e Adani, Wipro, Future Group and Videocon Industries. Secondly, apparently most Indian business families have achieved a nuclear status. This means that in the absence of senior member the family will turned towards a mentor who can guide the next generation leader. Third, the past 10 years have seen the coaching industry in India take aggressive shape. There is an awareness of the need for executive coaching, especially for business leaders in new roles. There is a realization that mentoring is crucial, more so at the time of succession. Also, it is now being recognized that growing competition makes it necessary to understand how other businesses are faring and to draw analogies and lessons from them with the help of a mentor from outside. 4) An unbiased expert and versatile guide is a good support for business leaders. And help is being sought to address vendible concerns. The questions before a typical mentee today have less to do with subject knowledge and content in terms of how to grow the business, etc., but are more about style, collaboration, teamwork and relationships. Mentoring is an end-to-end involvement that is focused on the world view of transformation of the individual and his or her consciousness. Succession in a family business often results in a change in business strategy. There is a growing realization that succession is not an event and could also mean succession in strategy. 5) Here the sterling question rises why to approach external mentor and not the father, the man who has seen the ups and downs and followed a discovery-led business journey. There is the obvious desire to be open to new ideas. Also, it may not be easy for a father to suddenly transform into a mentor. There are some limitations as this is a personal relationship where the two need not necessarily be open to each other in all aspects. Visibly the success of new generation depends fine balance kept among ancestors, mentors and himself. 6) A business gets a big advantage with an external mentor. He has no emotional attachment to the situation and so can bring in a more objective perspective He can be much more dispassionate. By keeping eagle’s eye the next generation can steal the thunder with ideas, strategic reforms and approach. Outside mentors have a broad experience in business. They may not know the specific business well but they can listen and give subjective, sacrosanct, unbiased and objective advice. There is no denying that external mentors have an important role to play. Similarly one strategic shift in thinking can completely transform the cost structure and position of family business. 7) Apparently the inputs, ideas, words and advice given by mentor saves the taker from errs on and prevents taker from deviation of proactive role by new generation who takes up business. The mentor therefore can be priceless idol while rendering valuable contribution towards the growth of business while saving new taker from insurmountable procedural hindrances while shifting of old guard to new one.

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