• Friday, Dec 02, 2022
  • Last Update : 09:54 am

Clear succession plans, advisory boards stressed for sustained family business

  • Published at 01:39 pm November 30th, 2019
MCCI
Logo of Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI)

The discussion focused on succession plan and family constitution and the challenges and opportunities family businesses are faced with

Family businesses in Bangladesh are growing at a rate higher than the international average and ways must be found out to ensure that they flourish optimally. 

This observation came at a discussion “Challenges and Opportunities of Family Business” on Saturday, said a press release.

Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), in collaboration with Dun & Bradstreet South Asia Middle East Ltd., organized the event on its Gulshan office premises. 

The discussion focused on succession plan and family constitution and the challenges and opportunities family businesses are faced with.

MCCI Vice-President Golam Mainuddin chaired the session where Girish Bagale, chairperson (Research and Case-development, Weekend-FMBA, ETW Programs) and Associate Professor at Pravin Dalal School of Entrepreneurship and Family Business Management, Narsee Monjee Institute of Management Studies (DU), Mumbai, delivered the keynote presentation.   

In his introductory remarks, Golam Mainuddin pointed out that family businesses in the country were growing at a rate higher than the international average despite facing many challenges in the areas of skill and efficiency, innovation, domestic competition, rising prices of energy, raw materials, etc. 

Bangladesh must, therefore, look for ways to ensure that they flourish optimally, he said. 

He also praised local family businesses like Square Group, Transcom Group, ACI group, Rahimafrooz Group, or Apex group for setting fine examples. 

He assured of MCCI’s continued commitment to developing family businesses and taking the overall business environment of the country to newer heights. 

Siddhartha Biswas, vice president and Head-South Asia, Dun & Bradstreet South Asia Middle East Ltd, first gave a brief idea of Dun & Bradstreet’s activities. 

Later, he stated that Bangladesh was growing at a remarkable rate and would soon emerge as a leading global economy. 

However, it would have to ensure diversifying into other industries and come out of the RMG-centric dependence to maintain the success, he said.  

Bagale mentioned that issues such as owner’s death, a lack of interest on the part of the successors, and the involvement of the spouses of the next-generation family members could often determine the sustainability of a family business. 

He also pointed out that most family businesses did not survive beyond the 3rd generation, so to ensure success, family businesses required a thorough understanding of the complexities involved and different sets of strategies than non-family businesses. 

He recommended having clear succession plans and advisory boards for ensuring the best performance of family businesses.  

Among others, members of boards of directors, managing directors, senior officials of different family-businesses and other organizations, former presidents of MCCI, and representatives from the media attended the event.  

50
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail