DATE: 05-10-2023

Dear Reader, 

I had an interesting conversation with a next-gen successor recently. He was working in the family business since a year. “I am comfortable working in any department except finance. I am an engineer and finance is not my cup of tea,” clarified the youngster. I was amused. “Understanding finance is crucial and without knowing at least the basics, how will you manage the business in future? How will you interact with the Board members if you shy away from financial aspects of the business.” A quizzical look on his face and nodding of head made me think about career choices youngsters enjoy today. Family business scions have Role choices as well. 

For successors groomed to be future promoters of the business, a thorough understanding of the business economics and finance is necessary. Managing finances, understanding monetary aspects of the business are critical for business growth and performance. In family businesses, financial decisions are always taken by the family, except the families have evolved themselves as promoters with professionalism.    

Every business owner and successor needs to have an in-depth knowledge of their financials matters.  Financial literacy is a must and can be acquired with some efforts and with the help of experts. Here are some views and tips on enhancing financial literacy.

Happy Reading!

 

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Dr Mita Dixit

Director & Family Business Advisor

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­ Finance for non-finance executive successors

A family is a pool of talent and not every family member is good at money management, business economics, and financial facets of the business. 

 

We conduct family workshops to make family members understand the basics of finance for their business as well as personal life. 

Call us to know more or book an online consultation on +91 91525 77523

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Your Success Formula to build long lasting legacy family businesses

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