Bata Shoes is one of the most successful family firms. But like others of their ilk, they are unsure of where and how to expand further. For family firms, trying to expand requires as meticulous a planning as space travel does. A lot of them struggle in life after the death of the founder. Clashes among siblings for control are unfortunately not uncommon. Most importantly such family groups must have strong values and a vision embedded in them to carry everyone ahead. The corporate strategy needs to be well thought-out to balance both the business side as well as the personal part of the family. A strong governance pattern is required. Proper investment must be made both in terms of human and financial capital. A Parallel Planning Process needs to be initiated right at the start before any of the expectant crises comes to the surface.

Source:https://knowledge.insead.edu/blog/insead-blog/successful-family-firms-shoot-for-the-moon-9881

Uploaded Date:01 September 2018