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Tailwind Financial Services, a modern wealth management platform dedicated to providing comprehensive investment solutions, hosted the "Empower Your Next Gen" event in Mumbai which drew a crowd of more than 200 family business owners and their children.

The keynote speaker, Dr. Parimal Merchant, Director of Global Family Managed Business at SP Jain School of Global Management, shared unique insights and strategies aimed at helping family businesses establish a timeless legacy. Dr. Merchant's presentation titled "Generation Dynamics in Family Managed Businesses" emphasized the crucial role of family businesses in creating a lasting heritage. He also highlighted 10 distinct insights that identified different types of errors that can occur within family-run businesses. These errors encompassed expecting specific outcomes based on context and complexity, misperceiving information, lacking attentive listening, confusing problems with paradoxes, making timing errors in action, overlooking the importance of investing effort, misconstruing primary and secondary priorities, making gender-related assumptions, overlooking differences, and misinterpreting information. Dr. Merchant emphasized the importance of nurturing the younger generation with this knowledge and the significance of recognizing and addressing these errors to enhance business outcomes effectively.

During the event, Mr. Vivek Goel and Mr. Rishabh Goel, Co-founders and Joint Managing Directors of Tailwind Financial Services, highlighted the distinct challenges faced by family businesses in managing their wealth and investments beyond their own business. They emphasized that working with large families involves being sensitive to family dynamics, complex ownership structures, and succession planning considerations. “To navigate these challenges successfully and create a legacy that stands the test of time, Tailwind has curated wealth management and succession planning strategies and insights for family business owners. By focusing on effective financial planning, long-term vision, and social responsibility, family business owners can build a legacy that will endure for generations to come” they said

The "Empower Your Next Gen" event provided an exceptional platform for family business owners to gain valuable knowledge and engage in discussions on crucial aspects of family run businesses, wealth management and legacy planning. Attendees left the event equipped with new insights and strategies to help them chart a successful path forward for their family businesses.

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