Kabir Bhasin: Still a long way to go

At 21, Kabir Bhasin was working at CITI Bank in Delhi when a phone call from his father changed his life. The family business in Bangalore was in trouble, the factory was facing a lockout it was time for Kabir to take his place in the family business.

East Distributions, a furniture manufacturing and export company, was conceived by Kabir’s parents Kamini and Devinder Bhasin in 1996 in Bangalore, after having shifted their base from Kolkata on account of the state policies not being very business friendly.

Stepping in by his parents’ side, the decision to take on the role that always seemed like a natural eventuality proved to be anything but smooth. At the tender age of 21, Kabir still had a lot to learn and familiarize himself with. Kabir graduated from Delhi University with B. Com honors. Managing the business with his traditional education, he was putting more than 12-14 hours a day at the factory, dealing with labor issues, finances, handling irate clients and striving to improve sales. 

“I have inherited the vibrant spirit of entrepreneurship from my father who always encouraged me to join the business and do things on my own” says Kabir looking back at his decision to join father’s business.

After a year of tireless work, the factory was back on its feet securely. Kabir had grown volumes under his father’s guidance, absorbing every bit of knowledge that was imparted to him. But hungry for more and knowing the potential for growth, Kabir felt a change was needed.

Kabir reached out to Prof. Merchant of S.P.Jain  who advised him to join a course specifically designed to cater to the intricacies involved in managing family businesses. Though initially skeptical, Kabir had faith in Prof. Merchant’s words.

Kabir soon came to realize that his family business set up was a small and traditional one and it restricted its own growth. After completing the course, Kabir joined the department of business development at Titan watches, a decision that seemed atypical at the time.

“What makes Titan a great brand is that not only do they have great products but also a strong network of loyal dealers across the world helping them retain their market leadership” observes Kabir.

After working with Titan for 18 months, Kabir once again joined East Distribution. Kabir’s main aim was to observe how he could help expansion through business development, operations efficiencies and various other aspects. Kabir still remembers Dr Srikant’s statement by heart “By the end of this course, instead of blood there will be business flowing in our veins.”

During his initial days back then, one of the unique challenges Kabir faced was the transition from weekly cash payouts to the laborers onto monthly payroll. However, moving all the factory workers onto a monthly salary basis comes with several statutory obligations. Kabir began to persuade his workers to open bank accounts. The initially approach resulted in another lockout, taxation being the primary concern. During this lockout, Kabir had to individually explain the benefits. To further communicate his empathy for their apprehension and also explain to them the importance of paying tax, Kabir took the entire workforce to watch ‘Lagaan’.

Kabir took over the reins of the business entirely after his parents retired in 2010. He has since started 9 ventures in his career.

www.furlenco.com is one of the first furniture renting platforms in Bangalore. It operates in the space of affordable luxury furniture and has received a very positive response since in launch. Kabir exited the company and moved on to launch a few other . the most recent is one which is in a  completely different segment, entertainment ,with a site called www.fanagig.com .

www.fanagig.com is designed for live entertainment driven by fans. It unites fans with performers, revitalizing and revolutionizing the live industry in India.

Talking about the important influence on his career, Kabir credits his parents, especially his father and the exposure received at SP Jain. He recommends it to all the second-generation entrepreneurs. The course has made him understand the business world in depth and helped him understand the essence of money and how money works in the real world.

From inheriting business to starting and running companies on his own, Kabir has indeed come a long way but he insists that he still has a long way to go.

By Mr Ajinkya Arjun Swadekar

Focus and Success: The story of Akash Khetan 

Focused minds reach the optimum level of success. Akash Khetan, a focused and successful businessman is one of the biggest examples of intelligence and discipline. He is a post graduate from S.P Jain, Mumbai, with a specialization in Family Managed Businesses. Prior to this, he pursued his B.Sc. in Business Administration from Cardiff University, Cardiff, U.K. in 2005-2006 with specialization in Marketing Management. A strong interest in the business systems led to Akash being profiled in the March 2010 issue of the ‘INC India’ business magazine. Being strongly inclined towards achieving his business vision, Akash has a firm belief that his mission will be accomplished through the potential of his team. His father Mr. Anand Khetan laid the foundation stone of Narayan Group in the year 1994 in Surat, India. Akash was a brilliant student, excelling in his studies, ranking 1^st in the 2008-10 batch.

Narayan Texfab Private Limited is for women’s fabrics. And its unique selling point is its quality and innovation according to the trend.  The recent recognition of Narayan Group as a leading name in “Dyed Synthetic Woman’s Fabrics” category by ET Now in the Leaders of Tomorrow Program (in association with India Mart) has been the talk of the town in the textile industry. Akash believes in positivity and considers his father as his biggest inspiration. “The discipline in me today, is because of my father,” he says. With a strict schedule that starts at 6 am in the morning and ends by10 pm, he still finds time for himself and says time management is not an issue for him – since his days start early. Narayan Texfab is today a famous brand which guarantees the quality of the fabric. Texfab has collaborated with pre-eminent designers such as Manish Malhotra and Rohit Verma. In the 2016 New York Fashion Show, Narayan Texfab collaborated with Archana Kochar. The company is NIS certified and has SAP installed which wins the trust of the customers and clients.

 

The team is excellent and hard-working which helps the company to prosper more. When being asked about the challenges faced, Akash replies, “Yes, I did face challenges and the biggest one was to change the mindset of the workers since they lacked professionalism in the early days.” To change mindsets was required a lot of skill and time, since it was really difficult to get workers who have been imbibed with the traditional approach of thinking to see new perspectives. Now workers readily move out of their comfort zone and work with more innovative ideas and approach. His passion and willingness were the main reasons for him to choose his family managed business. He was focused right from the beginning. When asked for his favourite book, he said, “The Goal is my favourite book.”  He listens to Brahmakumaris thrice a week and he is inclined towards spirituality. His vision and goals are pretty clear and his aspirations are practical. He believes in ‘Do what you love!’  

When asked about how he deals the pressure and stress of competition, he says, “I don’t get stressed because of the competitors, I will do what I am supposed to do – focus on work rather than panicking and/or reacting” He also believes in Law of Karma and hard work.

The new generation tries to go away from family managed business and tries something new and somewhere doesn’t understand the value of family managed business and when being asked about his views on the same, Akash replies, “Yes, Youngsters these days try new aspects and like to explore opportunities themselves. They consider their Family business as something they think can run and manage right from day one depending on the scale of work. So, after exploring their choices if they succeed it's a jackpot for them , or else they come back with so much of confidence and start to consult their fathers and uncles without knowing the practical after effects of their own decisions. Somewhere youngsters think they don't need any qualification to join their own business, and subconsciously it becomes their last choice! In my opinion Family run organizations should be managed the way corporates are managed in order to sustain in today's competitive market.”

He advises the budding entrepreneur generation to be focused and to not lose hope at any point. His aura is very positive and can charge anyone with optimism. When being asked as to where does he see his company five years down the line, he says, “The brand should be globally recognized!” 

He is a true face of the next generation of family managed business with clear vision, goals and  intentions.

Written by Ms Amrata Joshi

Once an Entrepreneur always an Entrepreneur! The story of Supriya Pahwa Batra

I come from a 3 generation family business of handicraft and textile export. I began my career in my family business right after college where I pursued Mathematics honours. My family business did not involve technical knowledge and was not really glamorous. It involved working with artisans and factories in remote corners of the country on one hand and international companies located abroad on the other. My friends who chose to work with MNC's seemed to be enjoying more. But Since I was always told that work for what is yours vs work for someone- I decided to stop comparing. I knew it wasn't apples to apples.

The good part was that my business was creative and ever evolving as trend changed every 6 -8 months. The need to reinvent was challenging yet exciting. I worked for about 5 years in the export business -initially assisting my father and eventually developing and handling all aspects of my own accounts.  I was given independence and space to do things my way for the accounts I worked for. . The learning and personal growth was immense. All through, I felt passionate about my work. Other than on the job experience, in my quest to be able to give more to my work, I pursued a Diploma in Textile export merchandise management and also MBA in Family Business at SP Jain.While I was in SP Jain I got married into a business family working in the space of electronic component manufacturing and e-design.

I decided to start contributing to my husband's business and spent the next 2 years working in a totally different set up. .I am not going to say it was a completely thought through decision nor am I going to say it was easy for me. But I had been oriented into business with my father always telling me someday post marriage, if I got married into a different business family, I should be open to adapting myself to the different business environment. Unfortunately, I had to withdraw 2 years after I joined the business as my role was taking more time than I could give at that time-taking care of the two beautiful girls I brought into the world.

With less time on my hands I thought of teaching for a brief period again thinking ‘maybe a school someday’!

Even though I was an employee, I viewed the set up from the owner point of view. The entrepreneur in me could not stay shackled in a job for long but while I was there, I sensed many other opportunities that could be tapped as an entrepreneur given the huge potential in education space. Today, I am working on a new project, with more time on my hands as my girls have grown up. The project is in the education space supported by my family.

The spirit of entrepreneurship inducted by my father when I was young has accompanied me all through my career. . I know it brought in me passion, determination, confidence to make decisions and make things happen and a sense of ownership and pride to be a part of the family work , adaptability to my constantly changing environment, ability to take risks and accept possibility of failure ,bounce back post any set back and keep going forward , ability to spot opportunities in my environment and most importantly ability to constantly learn and grow.

Today, I can't measure my success with numbers as for me the spirit of contributing to the family business/ portfolio is way more satisfying and meaningful and I know I have contributed significantly to both businesses I have been a part of - as a daughter and as a daughter in law.  The experience I gathered, in turn, gives me the confidence to work on my own business plan. 

In a world of fancy jobs with global corporations seeming to promise the life which looks easier and more glamorous - I still come from the school of thought where I feel what synergy families can bring into work by working together in complementary roles can't be replicated; provided the members are inducted to work in complementary roles and go forward to achieve the family goal over their own personal goals. There needs to be that sense of pride and satisfaction in being part of a whole. Induction and handling of relationships is key.

I would like to urge you to spend your energies to identify your vision for the next 5 years, 10 years, 15 years and so on to formulate goals - short term and long term. Work out action plans and timelines to achieve the same. You will need to keep learning, updating knowledge and skills. You may also need to adapt and change the outline and that’s okay.

Choose wisely and choose well. But choose where you want to go and start! Cuz even if you feel you chose wrong somewhere down the line, you can begin again! Making a decision gives you a 50% higher chance of getting it right than no decision at all. Before I conclude I will just say today, given changes in the global scenario, family businesses don't look easy. But Easy may not always as satisfying and rewarding as challenging.. so consider the challenging path as well before you move toward what looks easy !

 

 

 

 

 

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Balancing Objectivity with Subjectivity: Naveed Shaikh of ACS Lead Tech

Naveed Shaikh, the young and dynamic partner at ACS Lead Tech, fondly recalls his childhood conversations with elder brother Assad and says, “All we discussed was dad’s chemical business and how both of us would grow it together. In fact, while we were still at middle school, we had jointly decided that we would become engineers!”  Assad went on to qualify as a mechanical engineer while Naveed graduated as an electronics engineer. Looking back, Naveed feels that the most defining influence on him has been the easy camaraderie and trust the brothers repose in each other. “Assad always wants the very best for me and I feel the same for him. In fact, we are always fighting so that the other gets it a little easy or a little better, be it a car or a holiday.” It is this willingness to sacrifice and this readiness to put the other before oneself which has ensured that the business controlled by their strict father, has grown and diversified ever since the two brothers joined the business.

ACS Lead Tech was established by Shakir Razak Shaikh in 1983-84 and is currently recognized as a leading manufacturer, supplier and exporter of environmentally sound technologies for battery recycling, litharge red lead furnaces, red lead furnaces, lead oxide ball mills and pollution control equipment. A first generation entrepreneur, Shakir Razak Sheikh, started his career as a chemical engineer and spent eight years as an expert in lead oxide and allied products, working for various organisations. It was during his stint in Germany, while working for Napro industries, when he first decided to take up full time consultancy. Soon he found the mismatch between his precise advice and the actual implementation by his clients. He asked himself the question, “Why tell others how to make and see them create the mess? Why not make and give a perfect product to the clients?” This was the turning point in the trajectory of the Shaikh family. Shakir Razak Shaikh soon set up the one man company and took on the different roles ranging from soliciting quotations to acquiring raw material to manufacturing parts to arranging transport and labour for commissioning plants. He had re-invented himself from a consultant to a manufacturer. As the business grew, so did his responsibilities and he became almost an absentee father in the Shaikh household. Naveed, here recognizes the stellar role played by his mother in ensuring that both Naveed and Assad appreciated the hard work of their father and aspired to join him soon. Assad joined the family business immediately on his graduation while Naveed decided to accept the campus placement offer from Siemens.

Looking back, Naveed feels that his decision of not going to the USA to get a master degree was the most profound decision he had taken. Citing the examples of his cousins and friends, he says that none of them came back to India and gave up on their entrepreneurial dreams. He feels that the Family Managed Business course both he and Assad did at SP Jain, has had a defining influence on them as it set their expectations right. They understood the value of sustaining their family managed business and also understood the critical role their emotional maturity and relationship handling would play. So when Naveed decided to resign from his job and join his father and brother in the business, he knew well that he would need to create a role for himself. He knew that since ACS Lead Tech is in the core business of manufacturing machines for the chemical industry, his father and brother would always a pivotal role on account of their domain expertise in chemical and mechanical engineering. Accordingly, Naveed added a new wing to their business and started trading in chemicals and metals. He took on the role of market expansion and diversification and strengthened the core team of his father and brother by pitching in as an expert in business management.

Asked to explain the key component of a successful family managed business, Naveed is forthright in talking about the importance of communication. “It is not that we do not have disagreements, but we never push them under the carpet. We discuss everything out and always take the solution oriented approach. This helps to balance subjectivity with objectivity”, he said. As an explanation of this open communication channel, Naveed spoke of the support of their father on all issues, be it starting a new business vertical, or to invest in additional space for the growing family..  Even between the brothers, the discussions are always marked with candor. “All our finances are controlled by dad. He pays for all household expenses ranging from groceries to school fee. He ensures we never feel short of money but the control remains with him. Sometimes, it gets overwhelming but then Assad and I hear each other out and counsel each other. We understand, it is in the best interest of our business and the case rests there. For me Assad has been a father figure. He is my anchor who keeps me grounded and ensures that we always have a positive work environment”, he said. Coming to his own family, Naveed takes pride in his wife’s technical aptitude and hopes that she would soon set up her own business of technical writing. When asked about the possibility of her joining him in their family business, Naveed feels that the core team of his father, brother and himself are best suited to run ACS Lead Tech. “This is an objective decision and we intend to keep it that way”, he says signing off.

Dr Minu Mehta in collaboration with Naveed Shaikh

In the Business of Movies:the journey of Akshaye Rathi

Being in the entertainment industry is one thing, and doing business for this glamorous industry is another. Ask Akshaye Rathi, who is a film exhibitor and distributor. This young and dynamic director of family-run business, Vidarbha Exhibitors (Rathi Group of Cinemas), has enjoyed a highly successful entrepreneurial journey.

It is not easy to taste success in the world of films, where the fate is decided every Friday based on the Box Office reports. And this is where the foundation of the business plays a big part. Akshaye’s company has been involved in the business of film exhibition and distribution for more than 3 decades now.  He may have become an integral part of this business in August 2010, but the company has already been running a chain of cinemas across Maharashtra, Madhya Pradesh & Chhattisgarh under the banner of Rathi Group of Cinemas.

Reasons for Joining Rathi Group of Cinemas

A family business acts like a double-edged sword for the kids in the family. With most family members involved in the same business, the kids hear about the same stuff regularly. They are either going to get excited about the opportunities that the family business provides, or get irritated with having to deal with the same business concept that they have heard all through their childhood.

In case of Akshaye, he was always in awe of the family business. It helped that he had a considerable amount of interest in movies, which went a long way in him developing a significant taste for cinema and understanding the need of the masses.

As per Akshaye, Indian movies are meant for the masses and multiplex cinema halls do not seem viable for them. He believes that while the multiplexes do provide an enhanced cinematic experience, they are not meant for the average Indians who love to clap and whistle while watching their favourite stars or movies in the cinema halls. It is the single screens that can provide such an entertaining experience for the masses at pretty affordable rates, and hence Vidarbha Exhibitors has been catering to this audience, which forms majority of the movie-viewing public in India.

According to Akshaye, he understood it pretty early that his family was in the right business, and his long term goal was always to take this business to the next level. With such clarity he mind, he first completed his BMS from HR College of Commerce & Economics, Mumbai in 2009, and then gained valuable experience as a Consultant for media and entertainment advisory services, E & Y.

Even while he was studying, Akshaye did work for Rajshri Media Pvt. Ltd. on content acquisition / management and for INX Media Pvt. Ltd. on production of TV reality shows as well as events.

Challenges Faced and Related Solutions

Akshaye was having a wonderful time at E&Y for about a year. However, the challenge for him was that his goal was to go back to his family business some day. And he didn’t wish to delay his official entry in to their family business. So, he took the plunge in 2010.

However, it wasn’t just a random move. Akshaye knew what he was doing and joined Vidarbha Exhibitors at that time, with the purpose of implementing the  family business management techniques & skills that he was going to learn from his FMB course at SP Jain, which he enrolled for during the same year.

Akshaye mentions that the design of the course helped him to take the plunge as it allowed him to learn for a while and practise the learning in real-time (for his family business) during the tenure of the course itself.   

And Akshaye came across one of the biggest challenges of a family business- the generation gap. He realized there were differences in the thinking of his father, uncle and his own. Importantly, he required to stay patient and not come across as someone who just enters the business and starts dictating terms.

Akshaye found out that being a good observer and listener during the early days proved to be a masterstroke. He gave himself enough time to not only understand the nitty-gritty of the business, but also to come to terms with the thinking of others who were associated with the business for a long period of time.

He realized that to be a successful business owner, he will first have to work at the ground level and understand the end-to-end workflow in real-time. He took his own time to prove his work and develop a sound understanding of the overall business.

Role of FMB and Value Addition to Business

In an attempt to bridge the generation gap in most family businesses, the SP Jain FMB course played a big part in helping Akshaye and his classmates realize the importance of effective communication. Communication (or lack of it) between new entrants and old timers can make or break a business. And Akshaye was able to practise this learning in real-time for Vidarbha Exhibitors.

The family business dedicated course did help Akshaye to mingle around and align his thought processes with people belonging to different industries (all family businesses). SP Jain proved to be a platform where most relevant real-time family business problems got discussed and solutions for the same were being suggested / implemented as well. Such level of networking and on-the-job learning proved highly effective in Akshaye’s journey from being a novice at Vidarbha Exhibitors, to becoming a responsible decision-maker.

As per Akshaye, his most important learning from the course was the importance of branding and brand connect for any family business. He realized that for Rathi Group of Cinemas, a strategic alliance with a known brand could make a huge difference in increasing the footfall for their single screen theatres across India. This led him to take the strategic decision of collaborating with India’s first international exhibitor, Cinepolis, in 2016.

According to this alliance, Cinepolis started operating 10 single screen theatres spread across eight cities. Akshaye termed this as a win-win partnership for both the companies, especially for Rathi Group of Cinemas, as it allowed them to look at a broader picture of the industry. This association helped his screens to be rebranded as Fun Cinemas, which is a known cinema brand in India, encouraging a shift in the context of renovation and adding amenities to properties that would eventually help in increasing footfall.

Akshaye credits this move to the learnings from course that allowed him to see the bigger picture behind associating with a brand name, and was able to get positive results almost immediately. 

Akshaye has come a long way ever since he first joined Rathi Group of Cinemas, and owes his success to the guidance he has received from his elders as well as to the enriching learning experience at SP Jain’s program for Family Business.. It goes to show that an established family business has plenty of scope to improve and expand, provided the upcoming generation is willing to learn, listen, and implement smart business strategies.

Written by Mr Tejas Savla in association with Akshaye Rathi

Bkind:The story of Vidhi Shah

 

It’s well said that when a woman decides to bring a change, she definitely does. Vidhi Shah, an entrepreneur and creative director at b:Kind not just brought a change but a cult and wave in style and fashion. b:Kind is a brand which is quite well known for womenswear, got introduced in India through M-square Clothing(India) Pvt. Ltd. The brand focuses on the quality and keeps the range quite reasonable and affordable. It launched in 2010 and Vidhi Shah joined in the later phase. She did face few struggles when she joined the company as she was very new to product development. But she eventually got familiar with the various working areas. The competitive vibe turned out to be good and challenging. She did her FMB course from SP Jain, Mumbai, which was an add on to her skills and helped her in business. She has a great sense of fashion and style with the maturity of handling the business and progressing Vidhi Shah succeeded in breaking the stereotype of a male dominant business. Her parents are her biggest inspiration and they were her main supporters during her highs and lows. She was pretty much sure of getting into the business world right from the beginning and she is happy with her decision.She happily says,”I was inclined towards business since the very beginning.”

The biggest unique selling point is the use of Indigo yarn which is not available in most of the brands. Also, the cost and quality is something that a customer would love! ”Our major focus is the quality,” Vidhi says with the confirmation in her voice. Her dedication and focus is noteworthy. Family business has its plus points and one of them is the level of understanding and that’s purely reflected by b:Kind. Vidhi Shah aims to progress more and more by bringing more to b:Kind and helping the customers and clients. Creativity has its own energy and aura.

She takes each day as an experience and learns something new. Her growth as an entrepreneur is relevant and she thinks each day helps her in this growth.  The innovation and creativity keeps on growing and blooming with great ideas. She loves the fact as to how friendly and comfortable it is to work with the team and the amount of love and support she gets is commendable. She says with an exciting tone, “We work as a happy team.” Her father played a key role in her personal and professional life. “My father is my mentor,” she says. The environment of the workplace does matter a lot and which is quite vibrant and positive around the family and that usually happens in a family managed business. She also finds herself fortunate enough to have supportive in laws. Being an Indian woman and a mother of a 14 months old kid finds a balance between personal and professional life easily. Her advice for Indian women is to set the goals and  pursue their dreams and to have faith and confidence in oneself. Vidhi Shah is truly an inspiration for the youth.

 

Written by Amrata Joshi in collaboration with Vidhi Shah

 

 

Mysore Deep and the Journey of Ankit Agarwal 

Mr. Ankit Agarwal born on 2nd July 1985 joined his family business - Mysore Deep Perfumery House (MDPH) in 2004. The company is a 25 year old group dealing in:-various products viz Agatbattis, Deodorants,Tea,Coconut Oil, Mustard & Soya Oil ,Heena cones etc.

Group MDPH has 29 Regional Sales offices and 2000 distributers in India with Head Office in Indore (MP) .Apart from leaders in domestic market it exports to over 10 countries.

He pursued Post Grad in FMB from SP Jain in 2006-2008.

Ankit decided to join the family business especially after amicable family separation in 2004-2005. It was an emotional moment for the family where he took the call to support his father.

It was during one of those meetings with suppliers one of them referred that instead of joining a full time program it would be ideal for him to join Part time MBA in FMB specially. This suggestion was further endorsed by other few alumni who happened to be his business partners. Ankit too was happy that along with fetching a degree, it would be possible for him to look after his dad and the business too. Classes happening in weekly blocks were aptly designed to create time for learning.

During the course duration, he did not find difficulty in managing time. Infact, class room learning became an interesting platform to resolve real time business problems as the group discussions were based on experiences and experiments as undertaken by others (batchmates).

He remembers Prof Advani to whom he suggested that it would be excellent if made into a single working week thereby avoiding weekend at Mumbai  and saving some family time as well.

Ankit recommends that, those keen to extend their network and utilize it for expanding existing business, must choose Customized MBA in Family Business over regular full time programs.  

Written by Prof Vandana Tripathi in collaboration with Ankit Agarwal