Leadership Transition For Your Family Business: Fill & Download for Free

IIM CalcuttaVenue: Indian Institute of Management, Calcutta7th March, 2018ProfileX-89.30(Aggregate)XII-92.83(Aggregate)UG-69.52, B.Com (H) -St. Xavier’s College, KolkataCAT-99.83%ile21 months of Work-experience in Family BusinessWATIn 300 words(25 minutes)Today's advertisers direct their products towards children. Do you think advertisement plays a negative role in the growth and development of children?Wrote in favour of advertisers impacting the children positively and how adds can be innovative to achieve that. Also, acknowledged the negative impact and what can be done to reduce it, at the end.PI3 panelists(2 gentlemen and 1 lady), P1 and L (professors) and P2 (alumni, may be)I entered and greeted them. Then handed over my PI form as well as my file to P1.L: Tell me something about yourselfMe: My name is Aditya Ajitsariya. I was born and raised in Guwahati where I completed my schooling. I graduated from St. Xavier’s College, Kolkata in 2016. Currently, I am working in my family business which is a retail proprietary store in the heart of Guwahati. The business deals in hardware and house-keeping products. My key responsibilities included expanding the current client base by reaching put to new and prospective clients, simplifying the operations of the warehouse and shouldering the responsibility for transitioning the entire system from the old taxation system into the GST regime. I am an avid lover of sports, especially cricket and tennis. In fact, my role model is Sachin Tendulkar and I have even compiled a book which throws light on his cricketing career and presented the same to him personally. I wish to pursue my further education in management.L: Why management career?Me: Having grown up around a family business, I have had the experience of observing my father run and operate the business and after me being involved in it since my growing days, I have learnt the skills of managing people and handling business operations. But since this is a small establishment and I know that there is a lot that I need to learn so I feel an MBA will help me strengthen my management skills by providing me an opportunity to interact with the best minds in the country and learn from industry leaders.P1 interrupts: This is a very cliched answer taught to you by coaching institutesL: You have studied in Xavier’s; you already have been interacting with the best minds.Me: In an MBA, I will get people from diverse backgrounds. More over after working in the family business, I believe in order to expand it I need to have the experience of how things are actually carried out in the industry.L: Watch Ted Talks, there you will learn from industry leadersMe: The practical learning which I will be getting in an MBA is more important.L: You will not learn anything from bottom. They will only talk about top thingsMe: But in order to expand it I need to know how to do it properlyL: You are earning XX; if you continue you will earn may be XX.P1: So, you will not leave the 20 lakh job which you will get after an MBA and join the family business.Me: If I feel that there is scope for growth in the business, I will not look at the present value of earning but future potential.L: There are various family business programs coming up. Are you aware which colleges have it.Me: SP Jain has a family business programme. And I read yesterday that IIM Calcutta is also starting a family business programme in partnership with I don’t remember the name, it is TSW I guessP1: So who will take care of your business in the meantime? God forbid not but anything can happenMe: I have only been involved in the family business since my graduation and the business has been running for the past XX years, so I don’t think my going will make much of a difference at least for some time.L says she is done with this, we can shift on something else(I got relieved)P2: You have studied in Xavier’s. What specialisation did you choose?Me: MarketingP2: So Prof. Shivaji must have taught you. He is the HOD right.Me: Yes, sir he is the HODP2: He was my student.Me: (smiling)P2: Tell me what steps the government has taken to improve the economy and why has the government changed in Tripura?Me: The government has been taking a lot of steps to boost the economy. One of which is the introduction of GST. GST has been a lot beneficial for businesses because there is one tax across all the states. Earlier different taxes were there for different states. Now it is easier because it is basically one nation one tax. Also earlier business had to file different returns like VAT return, excise return, CST return now they have to only file one return.P2: We do not have much time say in points. One is GSTMe: Next is the Insolvency and Bankruptcy Code. They will setup an Insolvency and Bankruptcy Board of India which will be the regulator. They will try to see that the company does not go out of business, to initiate a turnaround for business and if not then will lead to faster liquidation process. Earlier it used to take 4 years for the entire process, now it will take 1 year. Coming to the situation in Tripura, one of the factors is anti-incumbency. The Communist Party has been in power since the past 25 years. Also, the fact that BJP is in power in Assam and it is organising events such as Advantage Assam, the people feel that they will also undertake such events in Tripura which will lead to the overall development of Tripura.P2: What is your opinion about the Lenin statue being thrown yesterday in Tripura?Me: (knew about the news as I had read last night but just the headlines so said that I was not aware of it since it was in the news only yesterday, to avoid any cross questioning on it because I did not know about Lenin and his idealogies)P2: I am telling you the news. The governor of Tripura supported it and even Rajnath Singh was involved. Do you know who Rajnath Singh is?Me: Yes sir, the home minister of IndiaP2: Now tell me about your opinion.Me: Sir I not aware of the storyP2: What about Meghalaya?Me: Conrad Sangma has been sworn in as the chief minister of Meghalaya. He is from NPP. NPP, BJP along with other regional parties will be forming the government.P1: These Sangma brothers all are from same political parties.Me: No sir, the earlier chief minister Mukul Sangma was from Congress but Conrad Sangma is from NPP.L: Okay, you did your specialisation in marketing and you said you like tennis.Me: YesL: So as a marketing manager, how do you think Wimbledon went? Was it good or bad?Me: (enquired whether she wanted me to answer as a marketing manager of Wimbledon or what?)L: Just as a general marketing manager, what do you think?Me: I think it was good.L: Why?Me: Roger Federer won Wimbledon and since he won the tournament he attracted crowds till the end of the tournament. Wherever he goes, given his fan following, he attracts a large crowd.L: Don’t tell me as a fan, tell me as a marketing manager how it could have been improved?Me: Can I think for a moment?L: Yes, sureMe: Roger Federer played the final against Marin Cilic. If the final would have been between Federer and Nadal it would attracted more crowd and viewership.L: Good, one point nextMe: (could not think of any more points at that time) I am not able to think of new points.P2: I’ll help you out. I am also a big fan of Roger Federer. He is the World No.1 and what his age? Just take a guessMe: (saying to myself, I know his exact date of birth why guess) 36+P2: Right, and what are the ages of tennis players generally?Me: They peak at 27-28(This conversation diluted the original question asked)P2: What was the cause for which Federer was playing recently, which he has also played before?Me: Yes sir, the match happened yesterday only. It was Match for AfricaP2: Correct, who was Federer’s partner?Me: Bill GatesP2: YesL gives me an integration questionMe: Can I take some time?L: Yes, sure.(The question was integration of logx^2 to the base e)Me: (solved it using integration by parts)L: What is the C at the end signify?Me: Ma’am it is a constant.L: Why it is used?Me: It is used because differentiation of a constant in 1. (Mistake) I’ll try to explain it with an example. Suppose there are two functions x^2 and x^2+3. The differentiation of both is 2x. (Realised the mistake done earlier and corrected). Sorry ma’am the differentiation of a constant is 0. This is why constant is used which can be any constant (She seemed satisfied)L: What does integration give?Me: It gives the area under the curve.L: Why do we need that?Me: To find out the probability between two points in case of normal distribution.P2: Who do you think is better, Virat Kohli or Sachin Tendulkar?Me: This is a very debatable topic. I think it is very difficult to compare players across different generations. Sachin Tendulkar is in a different generation and Virat Kohli is in a different generation.P2: What about Smith and Kohli?Me: Steve Smith is a better test batsman but across all formats, Virat Kohli is a better player.P2: What about captaincy?Me: I would like to say that Virat Kohli has the leadership skills too since he managed to win 9 test series in a row. And even in South Africa after losing the first two tests, India won the third and also went on to win the ODI series 5-1.P1: You are a cricket enthusiast. Tell me three brothers who played in the same team in the same match.Me: (I had read this before but wasn’t able to recall at that time)P1: I’ll give you a hint. Its not the Chappell brothersMe: (Even I knew that. They were someone from the very old, from the time when international cricket started and they were from England but couldn’t remember the name). Sir, I have read this but can’t recall it at this point of time.P1: OkayP2: Assam is famous for tea. Who is Tea minister of India, chairman of the Tea board of India. He is from Assam.Me: (He was trying to help me but I had no clue about this) Sir, I am not aware of this.P2: Is Assam ok now? Like are there any concerns with regards to Ulfa?Me: No sir it is completely fine now and there are no problems.P2: Can I visit Kaziranga now?Me: You can definitely visit Kaziranga and enjoy yourself.P2: Where do you stay in Guwahati?Me: Fancy BazarP2: What do you think the government is doing to promote tourism in Assam? Is it doing anything?Me: During the Investment summit Advantage Assam, tourism was one of the agenda for the government. For tourism, it is important to establish connectivity. Under the UDAAN scheme, it has set up airports in Jorhat and Silchar and also expanding the reach for the people as it is seen if people are not able to reach a place, there is no point in promoting tourism.P1: Do you think this will hamper the environment? Global warming has become a very important issue these days. Will these activities care for the environment? Because trees would need to be cut for expansion of roads.Me: (Trying to think something) The development of infrastructure hampers the environment but this can be taken care of by planting more trees for each of them being cut. Because the land is limited and land becomes a very important factor in terms of infrastructural development and also the terrain is difficult and because of hilly terrain, it becomes all the more difficult.P1: What is your percentile?Me: ToldP2: You must have got calls from all IIMs?Me: No sir, except Ahmedabad and Bangalore all IIMsP1: Do you have any questions for us?Me: I have heard of the exchange program. What I wanted to know is what are the learnings one can derive out of the program?P1: First get in. You will have enough time to know about it. (All laughing)P1: Take some (pointing to the toffees)Me: (Politely refused)P2: Okay, thank you.Me: Thank You so much sir!Duration: 20-25 minutesOverall, the interview was good. Except 2–3 factual questions, I think I was able to answer the other questions. I felt satisfied after coming out of the room.

Succession is the transferring of leadership to the next generation. It is a process rather than an event. While there is a time frame within which the transition will occur, the actual amount of time taken for the process is arbitrary. It will depend on you, your family and the type of family business you are in. This is a difficult process for most family businesses.Training or educating the successor in the firm is a delicate process. Many times a parent finds it difficult to train a child to be successor. If so, an alternative trainer may be found within the firm. A successful trainer will be logical, committed to the task, credible and action oriented. These attributes, when tied into a program that is mission aligned, results oriented, reality-driven, learner centered and risk sensitive, will produce a well-trained beneficiary. All of this, of course, is easier stated than accomplished.

For developing the necessary skills and ensuring a smooth transition into the business, it’s highly recommended to do a specialized Family Business course like the one offered at MIDAS India. This Entrepreneurship institution from Pune has a comprehensive Family Business Management program. It’s an 11-month program that includes six months of classroom training, and the next five months you will be working on your family business. You will get to learn the essential business skills starting from developing a mindset for opportunity recognition, leadership, marketing, finance, negotiation skills, and much more.Along with business learning, the course also has modules that help you identify your role in the company based on your strengths and even the vision you share for the business. This is done with intensive discussion with the key family member, which is guided by a group of expert coaches and mentors. The program with its experiential learning and personalized approach gives you a closer understanding of your business, its challenges and the stakeholders. You can explore more about it on their website. I understand that joining a family business is a crucial step for you, and hence a program like this would be an ideal choice to begin your journey.