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The 5Gs of Family Business

The 5Gs of Family Business

First Edition
  • Walter Vieira - Former chairman, International Council of Management Consulting Institutes
  • Mita Dixit - Family business advisor, researcher, educator and co-founder, Equations Advisors Pvt. Ltd

January 2019 | 228 pages | SAGE Response

The 5Gs of Family Business is an inspiring book for business-owning families—entrepreneurs, inheritors, promoters and family members with an urge to grow at 5G speed in this VUCA world! Running a successful family business is not about having a professional degree or capital; it is about a unified vision, common values, collective goals and aligned roles of the owner-families to fulflll a dream.

This book is an amalgamation of management theories and practices, and anecdotes and stories encompassing five dimensions essential for the success and longevity of any family business: Genesis, Growth, Gen-next, Governance and Giving back. 

Family business founders and successors must increase their cumulative knowledge and deepen their understanding of the complexities of managing a family business to enable their progress from SMEs to large enterprises, and for large enterprises to stay relevant and benefit not just the family but also the community and nation.

Foreword by Philip Kotler
Genesis: The Origin—Look Back to Look Forward
Growth: The Never Ending Journey
Gen-Next: The Relay Race?
Governance: Enhancing Value
Giving Back: To Move Forward
Conclusion: The Last Word

‘The 5Gs of Family Business is a wonderfully rich overview of family businesses today and the many complex issues that they face. The book thoroughly describes the practices that business families need to embrace to achieve long-term family enterprise success and to continue to prosper for many generations’.

John A. Davis,
Senior Lecturer, Family Enterprise Executive Programs, MIT Sloan School of Management; Founder and Chairman, Cambridge Family Enterprise Group

Walter Vieira brings a fresh approach to a much discussed topic and uses real life examples to illustrate that business families can and do take a larger view and bring a fresh perspective.

Jamshyd N Godrej,
Chairman & Managing Director, Godrej & Boyce Mfg Co Ltd

‘Did you know that about 70% of the top 500 companies listed on the Bombay Exchange are family controlled, and that two-thirds of India’s GDP is in family-owned companies? In this readable and anecdotal book, Walter Vieira, an internationally known Indian management consultant, sets out stories woven from the many successes and failures he has seen in this type of company. These 5G lessons are not only for an Indian environment, but these are also internationally relevant, and will give any reader ideas for business success and sustainability’.

Lynn Haight,
Non-executive Director and Past President, Institute of Management Consultants of Canada

‘Walter’s understanding of family businesses in India is both sublime and subtle, which makes his writing and assessment superb. Family business is one of the most complex topics in management, and particularly in governance. It has been a core contributor to the economic dynamo in India, as well as in many parts in Asia and China. Some have estimated that family businesses account for over 70% of the wealth, and thus the influence, in Asia. To appreciate businesses in Asia, one has to grasp the hidden drivers (including backseat drivers) behind family businesses. Family provides the first source of finance and labour, but family businesses also bring different challenges into any society, including potential nepotism, sibling rivalry, acrimonious fights for inheritance, the need for family legacy and control and, of course, the inertia for change. Family business has been a ballast for economic growth, either slowing down or propelling an economy forward with a massive undertone. This book is a valuable addition to any library and for those who truly want to understand the hidden mystery and might of India’s businesses’.

Dr Gregg Li,
Member of the Advisory Board, Center for Family Business, Chinese University of Hong Kong

‘The 5Gs of Family Business is a pleasant guidebook for family business leaders aspiring for the continued prosperity and growth of their enterprise across generations. Experienced authors and consultants Mita Dixit and Walter Vieira effectively present their keen observations of successful family businesses, revealing the importance of five factors— genesis, growth, next-gen engagement, governance and giving back—to ensure long-term family and business success. Packed with interesting and insightful stories, and the nuggets of wisdom shared by prominent family business owners, this easy-to-read book is likely to inspire not only current and future leaders of family firms but also professionals serving these enterprises’.

PramoDITA Sharma,
Sanders Professor of Family Business, Grossman School of Business, University of Vermont, USA; Visiting Professor of Family Enterprise, Kellogg School of Management, USA

‘Family-run businesses constitute most businesses in India, as anywhere else. They are fascinating because of the mutual dependence of two ecosystems (family and business) that have inherently conflicting characteristics. No comprehensive picture is still clear on most aspects of a family business. As most of them enter the third and fourth generations, succession planning is one of the key issues confronting them. Walter Vieira’s lucid and simple style in anecdotal prose will make this book interesting for founders as well as inheritors of family businesses and readers at large’. 

Navdeep S. Sodhi,
International Consultant (Textiles and Clothing)

“Apart from the interesting anecdotes, the simplicity with which the book decodes practical lessons is amazing. The big takeaway is not in the narratives. Rather, the book calls for deep introspection by entrepreneurs, business owners, and successors.”, 8 September 2020
Key features

·         Concise resource for families in business, founders, promoters, and professionals to refer to.  

·         Easy to read, understand and implementable suggestions for harmony and happiness.

·         Concepts and principles of family business management uniquely organized in a 5G Framework for success.

·         Supported by many anecdotes and stories, which give credibility to globally accepted practices.

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ISBN: 9789352808656