The house of Godrej was always one of india’s most respected families. True to its reputation, they have put in a succession plan which can be the example for the other business families to follow.
In a recent ET article, a few key points stand out:
Adi Godrej removing himself from the daily operations of the companies, choosing to let the next-gen manage the show. This is a show of confidence in the next-gen sending a clear message to the rest of the organisation of who is really in charge, and that the baton of power has moved on. Additionally, the fact that Adi Godrej did not interfere in the decisions but was available for the next-gen as an advisor, ensured that the hand holding, mentorship was available, whenever needed. This also proved to be an encouraging trend to build up the confidence of the next-gen without any possible costly mistakes.
Working along with professionals builds the team spirit and at the same time, encourages collaborative efforts to drive the business growth.
Further, the encouraging of newer ideas to change the businesses as they saw fit, helped to rejuvenate businesses and help these face the challenges in the new economy.
These are valuable lessons which most other families could do well to learn from!