Celebrating the core strength of India’s business community: The Indian Family Business Awards return for Season2
During and shortly after independence, it was family businesses that formed the backbone of India’s fledgling economy. Looking back, we see names that we recognise today as India’s biggest corporations: the Mahindra Group, Tata Group, Godrej, Cipla, Birla Group, and the Reliance Group that are still largely founder family led. From steel manufacturing, to farm implements, to software; in India, it all began as a family business.
Family businesses contribute the bulk of India’s GDP, and by that token, are also one of the largest sources of employment. What makes family businesses stand apart though, is their long term vision. Family businesses are led by families, who see themselves as a part of their communities and they build trust; often over generations. The Edelman Trust Barometer 2020 confirms this: 67% of respondents said they trusted family businesses.
This trust makes family businesses more resilient, and better able to weather economic storms. According to the PWC Family Business Survey 2021 report, 70% of the family businesses did not need additional capital in 2020, and 88% expected to grow in 2022. Let that sink in for a moment. What this translates into is that family led businesses were far more stable, and therefore, able to maintain their levels of employment even during a disruption like the Covid-19 pandemic.
Why this happens, is because family businesses are built to last. They don’t ‘move fast and break things’. Instead, they create value for themselves and their communities, they engage in sustainable practices, they support local causes and they usually have a culture of philanthropy baked into the business itself. Unfortunately, despite their value to the community and economy, we don’t celebrate family businesses quite the same way we celebrate other businesses.
That is, we didn’t, until the first ever Indian Family Business Awards, held last year. The Indian Family Business Awards 2021 were the brainchild of Waterfield Advisors and Moneycontrol PRO, with process partner Grant Thornton. Following in the legacy of this historic event, Indian Family Business Awards 2022 aims to recognise, commemorate, and celebrate the work being done by the businesses and families; and for the role they play in shaping the Indian economy, generating employment and augmenting the entrepreneurial spirit of the country.
The team behind these awards is well versed with India’s family business landscape. Waterfield Advisors have been the advisors of choice for some of India’s largest family businesses and manage $4.3 billion worth of assets on their behalf. Grant Thornton is one of the largest fully integrated Assurance, Tax and Advisory firms in the country and they’ve brought their process expertise to bear on ensuring that the awards are as thorough, as they are exacting.
This is reflected in the reward categories themselves: Best Family Business, Best Governance, Most Innovative, Disruptive & Transformational Family Business, Best Family Business led by a Woman, Best Startup family business and Best COVID response/philanthropy. Each of these awards are replicated across the three size segments: the Super segment covers businesses with annual revenues of under 1000 crores, Mega covers businesses between 1000 and 5000 crores and Giga over 5,000 crores.
The process begins with nomination. Once nominations are closed, an eminent jury shortlists and selects the final winners, who are celebrated at a ground event attended by the who’s who of the family business fraternity, and of course, their own families. The jury received a total of 234 nominations across all the award categories last year, and the winners list reads like a who’s who of the Indian family business landscape.
In the Super category, Tally Solutions Pvt Ltd were awarded the Best Family Business award, while Bajaj Capital Ltd were recognised as the Most Innovative, Disruptive and Transformational. Fratelli Wines were recognised as the Best Family Business Led by a Woman, and Inland World Logistics took home the prize for the Best Covid Response.
In the Mega category, Kajaria Ceramics Ltd and Radico Khaitan Ltd took home the awards for Best Family Business and Most Innovative, Disruptive and Transformational respectively. JK Lakshmi Cement was recognised as the Best Family Business Led by a Woman, while INOX Air Products and Tenon Facility Management India Pvt Ltd were awarded Best Covid Response and Best Governance respectively.
The Giga category awarded industry stalwarts like SRF Limited (Best Family Business), JK Group (Best Governance), Endurance Technologies Ltd (Most Innovative, Disruptive and Transformational) and Apollo Hospital (Best Covid Response). Dixon Technologies India Ltd took home the Jury Special award for Most Enterprising First-Generation Business.
Family businesses have many lessons to share. Not only do they thrive in the same economic headwinds as any other business, but they also have to navigate complex filial ties. These can become hurdles, of course. But those businesses that forge strong governance, ownership and management frameworks that leverage their filial ties as strengths, are the ones who go the distance and create history.
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