A Case Study on Gujarat's New Generations Overcoming the Challenges of Third Generation Company

Abstract

Professors of management education believe since the third generation is born into prosperity, it isn’t groomed well enough to undertake hard work. Besides, the changing complexities of businesses and the environments in which they operate become a major hurdle for the third generation. “In the first generation, you have the patriarch taking all the decisions; the second generation [of brothers and sisters] follows. By that logic, the family and the business are established by the second generation. “The third generation, which typically consists of cousins, does not want to restrict itself just to the family business it wants to do many other things. The research focuses on lesser-known family businesses that have successfully gone beyond the third generation. The research throw light on what some business families have done very different to be successful at this point and still stay together as well.