'The right CEO, the right people and the board play a big role in driving perpetuity': Mariwala

The biggest reason for most family businesses not achieving the success they aspire for is the reluctance of the promoters to let go. Harsh Mariwala, founder and chairman, Marico, has always been a propagator of the need for family-run businesses to allow professionals to run the show. In his book, 'Harsh Realities - The Making of Marico', Mariwala says, "I don't want to monetise the business, I want perpetuity which is built into the business."

His mantra of building an organisation that will stand the test of time is to put in place the right CEO (who is not a family member), have the right pipeline of talent and also a strong board. "The board of directors play an important role in driving perpetuity. How can an organisation be there in the marketplace forever and flourish is a challenge and the board can play a role in selecting the right talent as well as identifying the value and purpose of the organisation. I have taken steps at the board level to make that happen."