DO SIBLINGS MAKE FOR BETTER BUSINESS PARTNERS?

Entrepreneurship is the mantra of recent times and more often than not you come across business ventures that have been set up by siblings. Is it because their closeness ensures better business management and trust? Or does it actually lead to taking the wrong decisions due to common family issues springing up now and then? From what some of the leading sibling business partners say, it actually works out well.

Head to Head

Can siblings cushion a crash in business since their strengths and weaknesses are well known to each other or does it lead to clash of egos and issues? Says Pali Sachdev, who co-founded the Monapali fashion brand with her sister Mona Lamba: “When there is a difference of opinion, it is important to let the issue rest rather than rake it up time and again. We realise that ultimately we have the best interest of the business at heart. You also learn over time that no good comes from business issues becoming familial baggage.” Another sister duo, Khushbu and Sonal Agarwal, co-founders of Campus Sutra, have many debates on a daily basis and feel that difference of opinion is bound to happen even among siblings.

As for Akshay and Arushi Verma, creators of FitPass, an app-based venture that allows people to work out anywhere, the compulsion to keep their professional and private lives separate was consciously agreed upon when they decided to quit their previous jobs to build the brand. “As entrepreneurs, we are creating something that has never been created before. We are paving our own path and sometimes it can be stressful. Our family time is time for rejuvenation and for us to enjoy ourselves” Akshay says. “Wherever there is a difference of opinion in the roadmap to be taken, we just see what would take us to our goals faster and smoother, and resolve all disputes” say the Agarwal duo.

Is Blood Thicker than Business?

Given the bond shared by siblings, can their decisions or the next move be easily predicted? In such scenarios, Akshay and Arushi lean on their parents. “Both have different outlooks on various situations. One understands business and the other understands users, so it helps to get an opinion from both of them,” they say. As for Mona and Pali, they consult their brother, who is also a part of the business, for a third person opinion. Campus Sutra founders have an interesting mix of a bustling community of students by the name of ‘Sutradhars’. This is a community of their brand ambassadors and interns. All their focus groups, soft launches, polls etc. happen on this platform.

Passing the Legacy

In business since 1987, Monapali expects to expand its portfolio and reach before finally handing it over to the next generation. The young, energetic team of Campus Sutra feels they have just snowballed into the market and have a treasure chest of expansion ideas to open their wings and soar high in the coming years. They adamantly believe that “it is too early to think about succession.” “We want to take Campus Sutra to USD 100 Million by 2020,” they add.

A Bit of Advice

“We are not in the business together just because we are related but because we trust each other’s work ethics,” point out Akshay and Arushi. One thing that lies sorted in such business-sibling bonds is that the potential and expertise of each sibling/partner is realised from the start and both need to individually work on the role they can execute best. This will ensure quicker and successful achievement of their collective goal. While it is less messy to stick to your role, Sonal and Khushbu suggest that roles should be defined but both should be ready to execute each other’s responsibilities as and when required even if some of it is outside the comfort zone. “It’s your vision and what you want to collectively achieve that counts, siblings or not,” the founders of Campus Sutra say.

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