In 2010, we felt there was a compelling need for a trustworthy, comprehensive advisory platform which is proactive and promoter-centric.
The primary objective is to nurture and protect the manifold interest in business, family, personal wealth and legacy planning aspects of business families.
Thus, Metis was born in 2010.”
In a family business scenario, business owners spend significant time and energy in growing & professionalising the business for value creation and perpetuity. It’s not only important to create value but also sustain the value creation process over a long period, so that the business can be made liquid and value can be unlocked whenever needed.
An astute patriarch of a business family can accomplish the goal of growing wealth and asset protection through prudent planning, deliberated decisions and meticulous management. Safeguarding, growing and transitioning wealth smoothly to the next generations is even more difficult than creating it. The reason being, there are too many practical challenges at play.
The biggest risk for a family business is the family and its alignment towards the business. Therefore, family harmony and cohesiveness is key to achieve both business and family goals. Given these factors, it is important for the leader of the family to focus on its governance and constant communication to achieve better alignment. However, considering the emotional and the generational challenges, and the bias among the family members, external intervention is often necessary to find amicable solutions.
One of the biggest challenges in sustaining value creation in business and better legacy planning is grooming and capability building of the family members in managing the business and its stakeholders. It is important to understand the interest of Gen Next early enough and embark on a formal preparatory process before inducting him/her into the business.