Delhi International Airport Limited (DIAL) leading company GMR Group’s Corporate Social Responsibility (CSR) entity Parampara Family Business Institute (PFBI), a non-profit research and educational institute hosted an online interactive session under the title ‘Inspiring Next Gen Talent’ on Tuesday. It was the 9th session of its series of online symposiums on Essential Mantras for Family Business by PFBI, which works under GMR Varalakshmi Foundation (GMRVF).

The one-hour online symposium was aimed at benefitting participants with the knowledge and wisdom and the engagement of the next generation in robust family governance. It was also aimed at the importance of storytelling which includes researching the history of their family and business and allowing the next generation to feel that they are playing their part in the history of Family Business.

Guillermo Salazar was the speaker during the session, while Professor Sougata Ray was the expert moderator and Prasad Kumar was Expert Facilitator.

During the interaction Guillermo Salazar, an advisor to a multi-generational family-owned enterprise of diverse sizes, generations and industries throughout North America, Latin America, and Europe emphasized on creating effective rules for a family business and said that it is necessary to define a business purpose aligned with the family values.

Prof. Sougata Ray deliberated, “Today’s family business leaders and the next gen family members must engage in regular conversations on family’s contributions, legacy, identity, values, and vision. The seniors need to be relentless, creative, and patient to effectively communicate with the next gen for building awareness, infusing pride, exciting and inspiring them to be responsible owners. The next gen needs to feel the urge and deep sense of responsibility to be the torch bearers of tomorrow.”

Prasad Kumar concluded that Inter-generational co-creation of a desirable future is of strategic importance in a family business. Trusting relationships and meaningful communication across generations are strategic ingredients of family business.