Harsh Neotia | Outlook Business
Home  /  HIGH FIVE  / “Disputes occur mostly when there is an apparent disparity in lifestyle” | JUN 13 , 2019

Sandipan Chatterjee

HIGH FIVE

“Disputes occur mostly when there is an apparent disparity in lifestyle”
Harshavardhan Neotia, chairman, Ambuja Neotia on five ways to avoid business disputes in a family

Celebrate diversity: Different members have different inclinations and priorities. It is the emotional bond that connects us together but our interests could be fairly varied. When we enjoy with each other and in what others are interested in, then the family as a unit becomes more cohesive and there is joy.

Fair distribution: Sometimes there’s a need for the family member who is earning more to partly cross-subsidise those that perhaps are not earning enough. Hence, for joint family expenses, the larger share is borne by those who have greater earning. This helps in avoiding disputes as they occur mostly when there is an apparent disparity in lifestyle. 

Holiday together: It is a must for families, at least once a year, to spend about a week together. This gives them the space to share and openly discuss issues that might be of concern. Often the relaxed setting helps people open up, which they might not, in the confines of home or the workplace. 

Inheritance: In India, a large part of the inheritance goes to the successors. Having a clearly defined ‘Will’ that lays out what is for whom and how it would be administered becomes very helpful. Without clarity, it can often lead to consequent heartburn if it does not match individual interpretation.

Cultivate a legacy: Besides building a business, families take a lot of pride in contributing towards a cause that is socially relevant. When such a not-for-profit endeavour is associated with the family, all members justifiably feel proud of their involvement, association and contribution

Here's your chance to read the latest issue of Outlook Business for free! Download the Outlook ​Magazines app now. Available on Play Store and App Store