Sunil Soni, Family Business Consultant; Founder, Indian Family Business Network

Sunil Soni, Family Business Consultant; Founder, Indian Family Business Network

• Sunil Soni is the Family Business Consultant.

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Poor succession planning, lack of trusted advisers, family conflict, different visions between generations, and lack of financial education for children are some major reasons why 70 percent of family-owned businesses fail or are sold before they are passed on to the second generation and almost 90 percent don’t make it to the third generation.

00:34- About Sunil Soni

• Sunil Soni is the Family Business Consultant.
• He is the Founder, of the Indian Family Business Network.
• I have interviewed 450+ Indian family business promoters based in India as well as overseas and worked with 25+ Indian family businesses.
• I am also leading a global community called Indian Family Business Network with 1800+ next-generation leaders in the family business.

03:34- What was the need to set up a family business network?

• During corona, all of us were back home, and we were still looking for ways to interact with people, during that time there was this application that was introduced in the country called clubhouse.
• It is more about conversations with people, and the clubhouse opened that opportunity for us.
• If you realize, almost 80 percent of our economy is either run by family businesses or family-owned businesses.

10:05- Why are family businesses not innovating?

• If you look at family businesses, they don’t have external money. Nobody externally is investing in them.
• All the money they have is hard-earned by the family, so the ability to fail and innovate and constantly burn out a lot of cash is lower.
• At the same time, family businesses have a lot of legacy baggage, and they are already spread in a certain structure.

RESOURCES:

You can connect with Sunil Soni- LinkedIn

• Sunil Soni is the Family Business Consultant.
• He is the Founder, of the Indian Family Business Network.
• I have interviewed 450+ Indian family business promoters based in India as well as overseas and worked with 25+ Indian family businesses.
• I am also leading a global community called Indian Family Business Network with 1800+ next-generation leaders in the family business.