Family Businesses in Pakistan are the real success story, where most of the Businesses are run by Entrepreneurs' children & then their children and so on. There are very few cases where the torch has been handed over to Professionals. It seems that Entrepreneurs have little trust in professionals to run their businesses or there is something entirely different.
What this translates into?
I came across a story by Asad Umar speaking about the dilemma. He was traveling with a well known successful entrepreneur in Pakistan, during the discussion the Entrepreneur talked about the vast array of facilities offered by Bangladesh for the textile sectors in Pakistan and that many Pakistani Businesses are moving there.
That is where things get interesting, when Asad queried on the reason why he hadn't moved his Business there. The answer was
If this is whats limiting the growth of businesses in Pakistan then there is an urgent need for the Business Schools to come up with research of those organization who have successfully handed over their business to professionals. Also, work should be done to change the mindset of the Seth's in Pakistan.
What this translates into?
The business growth is limited by the number and interest of Seth's children.
That is where things get interesting, when Asad queried on the reason why he hadn't moved his Business there. The answer was
None of my children want to live in Bangladesh
If this is whats limiting the growth of businesses in Pakistan then there is an urgent need for the Business Schools to come up with research of those organization who have successfully handed over their business to professionals. Also, work should be done to change the mindset of the Seth's in Pakistan.
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