COURSE : MANAGING THE FAMILY BUSINESS

COURSE CODE : BMT3004

DIGITAL ASSIGNMENT – 3
(CASE ANALYSIS)
By
PRASANTH K (20BBA0142)

SUBMITTED TO : MR. SUDIPTO BHATTACHARYA

VIT BUSINESS SCHOOL
PROFESSOR GRADE 1

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1ST GENARATION :-

Kirit Patel was the fellow benefactor the Patel chain of pharmacies in 1975 alongside sibling,
J.C. Patel. It currently has 300 branches, 2,500 representatives and yearly turnover of Rs.250
crores.

1ST GENARATION TO THE 2ND GENARATION :-

● Kirit, as a dad, has consistently invested energy to bring up his three youngsters. He's
had the option to invest a great deal of energy with his children, endeavoring to
stimulate their premium in the family business.

● Kirit has given his three youngsters satisfactory chance to comprehend the business
climate in which they work, just as the choice to seek after significant level business-
related schooling to all the more likely comprehend the market situation. Training is
basic for this situation since satisfactory schooling in any business field can give an
individual a reasonable comprehension of how to manage customers, shoppers, and
other ominous situations.

● Second generation, i.e., Jay, Rupa, and Sam, recollect their dad, Kirit, taking them to
various business gatherings when they were kids with the goal that his kids might be
presented to some genuine business occasions to give them a practical feeling of their
inclination of business. These events have energized and propelled the subsequent
generation to proceed with the Patel chain of pharmacies

● At the point when any of the techniques fizzled during implementation, Jay, the
second generation's most seasoned child, expressed that his dad Kirit consistently had
a reinforcement plan. Thus, he accepted that as a businessperson, one ought to
consistently mean to plan for any sudden occasions.

● Kirit, as a dad, never constrained his kids to join and proceed with the Patel drug store
chain, despite the fact that he generally trusted they would. In this way, in situations
when he feels his youngsters are not competent or show that degree of force or
premium in the business, he has fostered numerous techniques, for example,
employing business experts to guarantee the business' endurance.

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 ● While growing up and seeking after instruction identified with business, Jay and his
kin comprehended the significance of systems administration with different business
customers which they have gained from their dad when they were kids as their dad
used to take them to different business arrangements to get them presented to genuine
business situation. This was a vital practice which Kirit has finished with his children
to produce the feeling of interest and furthermore helped in progression of Patel chain
of pharmacies.

● Kirit as a business individual have executed a progression arranging strategy, i.e., a

strategy for giving positions of authority to his youngsters to stir their premium and
guarantee the congruity of the Patel chain of pharmacies.

● Accordingly, there was a harmony between interest and decisions among Kirit and his
kids in this situation. Kirit, as a dad, needed his kids to carry on the business in his
nonattendance, and Jay, Rupa, and Sam experienced childhood in and around a
business climate in the family, which impacted and made a feeling of interest in them,
bringing about the Patel chain of pharmacies proceeding from the first to the
subsequent generation.

IMPACTS IN TRANSITION OF 2ND GENARATION TO 3RD GENARATION

● The region where second generation couldn't coordinate with the original was the part
of childhood and nurturing of their youngsters. Jay and his kin couldn't make the
feeling of interest among their kids for continuation of Patel chain of pharmacies.

● Kirit as a parent and as a businessman had the option to allow his children to get
presented to genuine business situations which truly made interest since I feel there is
additionally a contrast among knowing and encountering. If there should arise an
occurrence of third generation, they may have heard episodes or stories from their
folks about the family business however they were not been presented to perceive
how business seals are finished with the customers or how to speak with clients to
keep up with altruism of the business, and so forth

● There may be absence of correspondence among second and the third generation as
Jay and his kin have such a great deal liability towards managing the family business.
They were not proficient enough to impart the significance of progression of Patel
chain of pharmacies.

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● Schooling and preparing identified with business is exceptionally urgent to be a piece
of any business. Possibly the third generation was not inspired by business training as
they had interest in some other vocation fields in which they need to dominate
throughout everyday life. At the point when the mallet was passed from original to the
subsequent generation, around then there were exceptionally restricted profession
openings, however in the current generation the vocation openings have enlarged up
and that is the place where children of jay and his kin need to examine their
profession, not in the family business.

● Because of absence of interest of the third generation, they couldn't interface with the
business customers yet for the second generation it was a vital drive which they have
took to grow their family business and take it to a higher level.

● In the event that we have taken a gander at the present business situation, we can
comprehend the degree of contest and the dynamicity of the business world. There is
absence of sureness of the endurance of any business particularly of the family
business, which is a significant factor for the cognizance or risks of progression of the
Patel chain of pharmacies. Yet, in the event that we contrast it and the hour of second
generation, there barely any rivalry or the power or level of finish was extremely less.
So somewhat it was not difficult to proceed with the family business for Jay and his
kin when contrasted with the current generation.

● In the event that we investigate any family business in the current period, those
business which had great pioneers or who have utilized the progression arranging
strategy proficiently in passing on the twirly doo the future, those are family business
which are in presence. Individuals consider family business out dated in the second
generation as they feel like the extent of it hard to extend or exceptionally restricted.
This was the serious issue in the transition from second to third generation.

● One more part of the cognizance or risks of the Patel chain of pharmacies proceeding
is that there might be a separation of the family structure because of business
positions held by individuals from the subsequent generation, as there might be
conflicts among Jay and his kin, and these components might influence the third
generation.