Most family businesses usually do not survive beyond two or three generations. One of the essential reasons for the brief life span of family businesses is due to the dearth of governing mechanisms in the family. With better family governance, business development ensures continuity of the business across generations and becomes a more pleasurable journey.
The development of the group was led by the entrepreneurial zeal and organizational capabilities of its own founder G.M Rao. Having seen many family businesses for want of decent government mechanics breaking up, Rao directed the way with the help of several specialists for the writing of the constitution of his family. The entire family after several rounds of iteration, spent several hours created and signed a constitution in 2007. The writing process of the constitution, and the policies and procedures developed were best for maximizing the functionality along with the family's well-being of GMR in future and current generations. The case captures the vital processes and end product of writing a family constitution.
PUBLICATION DATE: November 18, 2011 PRODUCT #: W11509-PDF-ENG
This is just an excerpt. This case is about STRATEGY & EXECUTION
Related Case Solutions & Analyses:
iMPath Networks
Just Us Coffee Roasters
RealNetworks Rhapsody
Scope and Challenge of Business-to-Business Marketing
Krohne’s Entry into the Chinese Market
Yammer (A)
Eureka Forbes Ltd.: Managing the Selling Effort (A) (Photonovel Version)
I-Star: Expanding in North America
Olam International
Longchamp
