Abstract
Families are about people and businesses are about money, conflict between the two is inevitable. Family-owned businesses develop competitive edges when they align values, vision, strategy, investment and governance to make both family and business activities more professional and mutually supportive. It is a belief that “treating the business like a family”, driven by values and concern for human needs, creates an organization with motivated people working together to create long-term value. U. P. Asbestos Ltd. (UPAL) was incorporated under the Companies Act 1956, on 18th July, 1973 and obtained certificate of commencement of business on 4th August, 1973. It was the joint venture of UP Cement Corporation (a state government subsidiary) between Harshwardhan & Kejariwal who were hold 26% and 25% shares respectively, which make 51% of shares in combination, rest 49% were held by public equity.Amitabh Tayal as the MD of UPAL, based on his experiential learning with the cement sheet business, understood the nuances of this business. UPAL needed to professionalize because of the adverse environment based on market infeasibility. Adequate control systems exist to enable the Board to effectively discharge its responsibilities in making fair and transparent decisions.Meanwhile, Priyank, Amitabh’s son, went across to a leading University in USA to acquire skills and complete higher education in business. Amitabh’s sister was married in Ruia’s, a business family. Her son and Priyank became friends during study in USA. Later on, Priyank got an opportunity to enter into the field of real estate with a joint venture of Ruia’s Phoenix Mills Ltd. and UPAL. They established the fourth multiplex-cum-Mall in the name of Phoenix United. At the same time, Priyank’s wife Shailly Tayal also entered in the family firm as Head- Financial Audit. Priyank has diversified interests than Asbestos, therefore, had to look for spin-off. Big Apple was established in early 2007, by Priyank Tayal, with the seed money from his father and partly from his savings done during his job in a private equity firm in New York. The business is in transition
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