Insights · Published quarterly, read monthly
Notes from the family table, the data room and the factory floor.
9 essays · 2025
Every piece is written by a partner and draws on our own engagements or our 2025 survey of 212 family businesses. Figures are ours unless we say otherwise.
PE & IPO readiness
What a mid-market fund reads first in your data room
Restated financials, related-party transactions and the promoter’s personal guarantees. The order matters.
GCC set-up
Chennai, Pune or Hyderabad: choosing a city for your first India capability centre
Talent depth by skill, attrition, commute and the state incentive schemes that are worth the paperwork.
Growth strategy
The second category: how a regional brand earns the right to a new shelf
Why the distributor network decides your next category more than the consumer research does.
Operations & margin
Working capital is a family argument in disguise
Receivable days stretch when nobody in the family is allowed to say no to an old customer.
Succession & governance
Writing a family constitution that survives the first disagreement
Most constitutions fail on the exit clause. A worked example with a valuation formula.
Operations & margin
The ₹40 crore in your warehouse: SKU discipline for staples brands
One Indore brand carried 1,140 SKUs. Four in ten sold fewer than twenty cases a month.
Growth strategy
Indore, Coimbatore, Ludhiana: reading tier-2 demand one city at a time
Three cities with similar incomes and very different shopping baskets.
PE & IPO readiness
SME IPO or main board: a promoter’s arithmetic
Cost of listing, lock-ins, liquidity and what the SEBI ICDR changes mean for a ₹300 crore company.
One letter a quarter. No marketing in between.
The quarterly letter goes to about 2,400 promoters, CFOs and family directors. Ask a partner to add you.