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Company : IILM Institute for Higher Education 
Wednesday, April 15, 2015 6:30PM IST (1:00PM GMT)
 
IILM Family Business Conference on 'The Future of Family Business in Twenty First Century'
New Delhi, Delhi, India

IILM institute for Higher Education organized the Family Business Conference on 15th April, 2015 at IILM Lodhi Road Campus New Delhi 110003.  The conference was centered on the theme “The Future of Family Business in the 21st century”. The aim of the conference was to bring together family business entrepreneurs to share ideas and insights, foster learning and inspire young minds.

Some of the eminent speakers included Mr. Vishesh Chadiok , National Managing Partner, Grant Thornton India; Ms. Divya Suri Singh, Executive Director, Lalit Suri Hospitality Group; Mr. Rajiv Jain, Director, LMC Motor Company Pvt Ltd; Mr. Riju Jhunjhunwala, Managing Director , Bhilwara Energy Ltd and RSWM Ltd.
The day started with lighting of lamp by Mrs. Malvika Rai – Chairperson, IILM; Dr. Vandana Srivastava – Director Under Graduate Business School, IILM, Mr. Riju Jhunjhunwala, Managing Director, Bhilwara Energy Ltd and RSWM Ltd. and Mr. Vishesh Chandiok, National Managing Partner, Grant Thornton India followed by Sarawati Vandana.

The conference started with the welcome remarks by Dr. Vandana Srivastava – Director, IILM. In her welcome address she highlighted about IILM’s role in Responsible Management Education. She shared that IILM has been a signatory for PRME (Principles of Responsible Management Education), a UNGC initiative, since 2008. As a member of this elite group, IILM is a champion school for the Faculty Development and Engagement working group of PRME, working closely with Babson College, USA and the Copenhagen Business School. She also shared that apart from delivering the Undergraduate and Post Graduate programs, IILM has been successfully delivering programs for working professionals for more than a decade. In 2014, IILM completed 10 years of training for IAS and IPS officers. Apart from these, IILM has been conducting customized trainings for Public Sector Undertakings such as Engineers India Limited and is in the process of more such tie-ups with other PSUs.

Mr. Vishesh Chadiok - National Managing Partner, Grant Thornton India then delivered his Key note address. In his address, he mentioned some important statistics related to the family businesses in India. He shared that its only one in every five family businesses in India that passes on to the third generation.  According to him, deep rooted family value systems and aversion to change are the major factors that lead to most of the conflicts in family businesses. The session concluded with a question answer round in which students of the under graduate program asked lots of pertinent questions and seeked answers from the panelists.

Session 2 was titled as “Succession Planning and preparing the next generation” The session was co-ordinated by Professor Rahul Mishra and student Ms. Suhasini Jaipuria. The panel comprised of Mr. Riju Jhunjhunwala, Managing Director, Bhilwara Energy Ltd and RSWM Ltd; Ms. Divya Suri Singh – Executive Director, Lalit Suri Hospitality Group and Mr. Rajiv Jain – Director, LMC Motor Company Pvt. Ltd. Mr. Riju Jhunjhunwala stated that the best trick to resolve conflicts in family business is open and honest communication. He also shared his personal experiences and encouraged students that it is possible to run a family business successfully while also pursuing your passions. His anecdotes were very well received by the students. Ms. Divya Suri Singh also stressed on the role of passions in one’s life. She also encouraged women to become entrepreneurs and cited examples of some business which are really successful and have women occupying the highest positions in the organization. She also shared that Indian family scenario is changing rapidly by mentioning that now it is quite acceptable in the society for a girl to work in a father’s family business even after marriage. Talking on the same lines, Mr. Rajiv Jain encouraged the students to use their skills and expertise for flourishing their family business. He also shared that fifty five of the taxation to the Government is paid by the family businesses in India thereby highlighting the importance of family businesses.

Session 3 was based on the theme “Diversifying Business and Markets”. The session was co-ordinated by Ms. Shruti Jolly – faculty IILM and student Ms. Vidhi Goel. The panel comprised of Ms. Priyanka Paliwal – Co-founder, Acro-Investments; Ms. Kriti Sachdeva – Director, Mercury Textiles Pvt Ltd. And Tiara Diaries, Mr. Avikshit Saras from I Print My Things – 3D Prototyping. Ms. Priyanka Paliwal advised the students that they should work in some other organization before joining the family business. This will enhance their sensitivity towards employees. She also mentioned that diversifying family business in due course of time is very important. Mr. Avikshit Saras explained his context by taking examples of how Reliance and Infosys have diversified their businesses. He emphasized that it’s very important for a person to be a fit into the business he wants to pursue. He also mentioned that the key to any successful business is a perfect tab on accounts and finance. Ms. Kriti Sachdeva stressed that in order to maintain a family business profitably, it is very important to innovate and diversify over generations. However, she said that the diversification should not dilute the primary offerings.

The concluding session of the day was themed as “The Way Forward”. The conference was concluded by remarks by Dr. Sangeeta Chopra – Dean Under Graduate Business School, IILM. In her speech, she talked about the various anticipated challenges that the businesses may have to face in the coming centuries. Mr. Puneet Dalmia – Joint Managing Director, Dalmia Cement Bharat Ltd said in his talk that nearly 75% of the world GDP is contributed by the family businesses. He said that there is intense competition in today’s world and rapid changes in the technology expose the family businesses to new challenges every day. He shared the success story of Dalmia Cement and encouraged students to invest their time and efforts in their family business.                                                                                                                  
The conference came to an end with the National Anthem. The active participation from students and faculties made it a great success.

Photo Caption:
Mrs. Malvika Rai -  Chairperson- IILM & Mr. Vishesh Chadiok during Lighting of Lamp at the Family Business Conference at IILM, Lodhi Road, New Delhi
Mr. Puneet Dalmia at the Family Business Conference at IILM, Lodhi Road, New Delhi
Mr. Vishesh Chadiok at the Family Business Management Conference at IILM, Lodhi Road, New Delhi

 
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Jennifer Aitkins, IILM, +91 (11) 40934304, jennifer.aitkins@iilm.edu
 
 
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Multimedia Gallery
Mrs. Malvika Rai - Chairperson- IILM & Mr. Vishesh Chadiok during Lighting of Lamp at the Family Business Conference at IILM, Lodhi Road, New Delhi
Mr. Puneet Dalmia at the Family Business Conference at IILM, Lodhi Road, New Delhi
Mr. Vishesh Chadiok at the Family Business Management Conference at IILM, Lodhi Road, New Delhi