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MADURAI: Families should devise their own codes of conduct to avoid breakdown in family-owned organisations as there is no blueprint available, said Mr M.V. Subbiah, Chairman, Confederation of Indian Industry National Committee on Family Business, here.

Addressing a workshop on Family Business organised by the Confederation of Indian Industry, Mr Subbiah said family owned businesses contributed over $100 billion to the country's gross domestic product. The increasing trend of professionalisation of management has led to an environment of change within the organisation and the families themselves with a potential to become uncomfortable if not addressed. There was a need to communicate effectively with one another to resolve issues speedily, as increasing amount of time needs to be spent in managing the business.

Earlier, Mr T. Kannan, Chairman CII (SR), in his address observed that there was need to strategise and leverage on family ties and the future family owned businesses would see increasing innovations. He suggested that India could adopt a model where professional managers could mentor young family members entering the business. Over 70 representatives from Madurai, Sivakasi and Trichy attended the workshop.

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