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Professionalization of Sudarshan Chemical Industries
In 2011, Sudarshan Chemical Industries Limited, a global pigment company with sales in over 40 countries, was poised to become one of the top four pigment producers in the world. The vice-chairman was about to meet with an external consultant whom he had hired when he assumed leadership of the family business in 2003 following the demise of both the founders — his father and eldest uncle. The agenda of the meeting was to discuss the various initiatives that had been undertaken at Sudarshan since 2003 to systematically professionalize the group. The vice-chairman could not help wondering whether the company was heading in the right direction. Should a family member always be the head of the business? What if the family member being prepared for the leadership role did not gain the acceptance of the family and non-family professionals to lead the business? -
Passing the Baton: Role Transition of B.K. Jhawar
Most family businesses do not last long. Only one-third are able to survive the transition from the first to second generation. A critical issue in the survival of family businesses is the management of succession. Most successions fail because first-generation founders find it difficult to disengage from their business as they approach the age of retirement. As a result, they fail to prepare the next generation of successors for the leadership role. A founder’s failure to plan for succession is due to various reasons, such as a lack of non-work interests, psychological identity with a firm, and fears of aging or death. Due to these reasons, the founder’s retirement is frequently portrayed as a negative event. Succession, in turn, is often seen as a phase of crisis and upheaval, which a business must overcome. However, this need not necessarily be the case. Retirement can be a new and exciting phase of life, while succession can be viewed as a strategic opportunity to revive a business.<br><br>This case involves an accomplished business leader, B.K. Jhawar, founder of Usha Martin Group, who successfully managed the twin challenges of retirement and succession. By the time he reached the age of retirement, Jhawar had built up a social venture (KGVK) as his second career. Before completely disengaging from the business and transitioning to his new role full-time, Jhawar prepared the second generation for business leadership and effectively passed on the baton.