Gautam Singhania's daughter can become an artist if she wants to. Raymond's welfare-focused succession plan makes space for Singhania's daughter's choices while ensuring that the company is set up for the future.
The chairman and managing director of Raymond Group is looking to reach 100 years in business next year. The company has gone through quite a few processes like demerging and expansion in the recent past.
The promising potential of these moves call for a strong succession plan. The way forward that Singhania has for Raymond aims to make space for both, his daughters' choices and the growth of the company.
"My kids are not coming into the business now; they are too young. I have to think about how to set up the company for the future. My elder daughter is 19 years old and I don't know if she wants to come into the business," said Singhania.
"I don't know if my daughter will want to come into the business in five to six years. Today's 19-year-old girls are independent in their mind so she might decide to be an artist or pursue something else, I don't know," he said.
As Singhania's daughter's is set to take on education and other pursuits life for the next five to seven years, he said that the plan will ensure that the welfare of the shareholders and the employees will not be compromised.
"We set up a professional company so she'll be the principle shareholder, my family will be principle share holders. Now, at that point if she decides she wants to come in, we'll see. If she doesn't, she's still got a system and a process that will do well for its shareholders" he said.
Hinting at a system that will both accommodate the choices of his daughter and the welfare of the company, the way forward will be a balanced blend of objective and delicate decision-making.
"There will be my family and outsiders who are shareholders who put their faith in the company. We have to do what's best for the business and what is best for the family. If one can marry the both, its the best of both worlds for all of them," he said.
The succession plan of the company, according to Singhania will focus always be focused on doing what is best for both the shareholders and the employees.
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