Resilience Strategies in Family-Owned Business: Business Continuity Management in India

Abstract

Family-owned businesses (FOBs) are pivotal to India's economic framework, contributing 79% of private sector employment and 68% of GDP in a dynamic business environment. This research presents an analysis of resilience strategies through an Integrated Resilience Capacity (IRC) framework, examining operational, financial, and socio-emotional dimensions via interviews with 120 participants from 45 selected family businesses. The study uncovers critical resilience drivers, emphasizing adaptive strategic planning, digital transformation, effective family governance, and multigenerational knowledge transfer. By exploring the relationship between family dynamics, organizational strategies, and emerging technologies, the research offers recommendations for policymakers and business leaders. The findings highlight family-owned enterprises' potential to thrive in an evolving landscape, demonstrating their capacity to harmonize traditional values with technological capabilities and contribute to India's economic development.