Adapting to changing business models decade after decade while managing its different stakeholders simultaneously sets apart successful family-run businesses, said Karan Bhagat, founder of wealth management firm 360 ONE."We have families which have continuously adapted business models, well over 100 years," Bhagat said, speaking at the Economic Times Family Business Awards.
Managing four key stakeholders - investors, promoters, employees and clients - is extremely critical, given that these stakeholders are working for and with each other, and sometimes also against each other, he said.
