From legacy to lived experience: How an FMB alumnus reimagined a family business

At SPJIMR’s Family Managed Business (FMB) programme, learning often arrives not as theory, but as lived experience. The recent Exemplar session was a powerful reminder of this, as alumni entrepreneur Gaurav Sathaye returned to campus, not just to speak, but to spark imagination.

As students listened wide-eyed, Gaurav traced his journey as a fourth-generation leader at United Ink Speciality, an 85+ year-old family enterprise. What captivated the room was not scale alone, but insight: the moment he realised that a niche capability within a traditional ink business had global potential. Banking cheque inks: highly specialised, hard to duplicate, and critical to security; became a launchpad for growth. His message was clear: look closely at your own business; the niche you overlook may be your biggest opportunity.

Jaws dropped when learning turned tactile. Scented bookmarks. Scented handheld fans that released fragrance with every gentle wave. Pamphlets with paper that mimicked rough skin and softened when cream was applied. These were not gimmicks, but examples of sensorial marketing innovations Gaurav had helped brands execute. A modest pilot with Hindustan Unilever Limited (Kissan ketchup) became a ‘foot in the door’, transforming United Ink’s role from printer to development partner and shifting value from rupees per kg to rupees per experience.

He spoke candidly about focus: giving 80% of his time to what truly moved the needle, applying the Pareto principle, and resisting the temptation to chase every idea. Ink priced at ₹22,000 per kg wasn’t just a product; it was a patented solution, a story of value creation, and a case for thoughtful diversification. From scented inks for Lux to brand protection and anti-counterfeiting, the thread was consistent: market solutions, not commodities.

For students, the takeaway was electrifying. FMB isn’t about starting from scratch; it’s about re-imagining what already exists. Gaurav’s hunger to do more, grounded in clarity and craft, left the room inspired and eager to build the future from within.

Exemplar is a platform where family business alumni share how they have built successful new ventures alongside their legacy enterprises, showcasing entrepreneurial thinking, innovation, and the courage to reimagine tradition while creating sustainable growth for the future. The Exemplar session is conducted as a part of the Entrepreneurship in Family Business course.