Hi,
I’m new to TRH, still figuring out how to use it!
I’m looking for mentor to help me take over my father’s business.
My father is working in automobile industry with more than 30 years now. He is owning proprietary business since 2006. Before starting business he was working in same industry but for someone else. Till now he ran the business with his own contacts and his knowledge.. But now due to age and health he cannot give his 100%. I want to learn and help him achieve his dream!
But the problem is he is whole and sole of the company, only he can handle the main operations for which every time he has to travel to various cities as clients’ factories are located there (Ashok Layland, VST trailers, UCAL, Eicher, Royal Enfield these are some of the names of the clients we have).
I’ve done computer engineering and now working in social media marketing after MBA. I have traveled with him 2-3 times to all those plants. Got to know how things work. I even think that we can hire one or two people and train them. But he tried doing that and it failed so he has not been able to trust anyone and does all work by himself.
Please help me how to take his business further and make his dream come true!
Waiting for your answers..
asha chaudhry
hi shruti,
when you say “mentor” do you mean someone you will be paying as an advisor/consultant? right?
if so – i’ll shift this in to the jobs section.
if not, could you pls be more specific?
so while taking up your dad’s business is awesome, i also think you should also have someone from the same industry as well (someone you could train and ensure it doesn’t fail like before!)
pls add your twitter handle at the end of the post – helps me mention it (you’re an sm expert so i actually need not say that :))
all the best!
(the best thing is that your dad can teach you most of the ropes you need to learn!)
Shruti Vaidya
Thanks Asha,
Actually no, not like adviser/consultant who will work for dad’s company, but a adviser to me for guiding me step by step on how to get hang of dad’s business. Like what should I learn first Financial things, documentations, invoices, billing or the actual machinery process that dad does.
My dad stays at Pune and I’m working in Bangalore, which is the first big hurdle. If I say I’ll leave the job and start working with dad, he does not agree with that.. so slowly I want to gain his trust so that later he can rest at home and watch his dream taking a shape!
My twitter handles – for social media Insights you can connect with me on – @ShrutiVaidya3
and for casual connect its @ShrutiV22
asha chaudhry
so why don’t you make a list of queries and add them right here on your post (just edit it) and let’s see if someone is willing to mentor you as well?
Mandar Joshi
Hi Shruti this is typical situation when a business transitions from generation to generation. The legacy generation is comfortable doing business their way which is time tested and the new generation comes with innovative and disruptive ideas and there is a need to merge the new ideas with the old proven ways of doing business.
I think Asha was right what you need is a consultant who could help you in understanding the business your Father has been doing and help both of you to do a structured Business Process Reengineering and help you to transition.
I am definitely open for a discussion to scope this further if you are interested you can reach me at mandar@techknowsmart.com & 9890817339
Saikat Sengupta
Hi Shruti,
The business is almost 10-yr old, right? To take charges of such a business you need to understand the industry and I think your dad is the best person who can help you understand the industry. Seems you need to learn a lot of things which may include client handling, finance, tax implications etc.
Hence, as Asha said, if you make a list of the things that you need to learn, that would be good.
For example, if you need any help with digital advertising and marketing, I can guide. Similarly, there are members who might help you understand the other parts – and then it will become easy for you to connect the dots.
asha chaudhry
shruti, pls go through our ASK RODINHOODERS section also, if you have specific queries one of the experts can answer.
https://www.therodinhoods.com/forum/topics/ask-rodinhooders-anything-under-the-startup-sun
Shruti Vaidya
Thank you Asha.
One question, do you know any one from rodinhooders who know about Engine/vehicle/chassis/dynamo-meter Testing / Manufacturing field?
Or else where can I find them?
asha chaudhry
hey shruti, not that i can remember offhand. but do use the search engine.
we have rodinhooders who have car servicing ventures – garagely & bumper. you can check them out.
Shruti Vaidya
Sure Asha Thanks 🙂
Krishna Varma
Shruti,
Dad will agree/not agree is the first hurdle. Move to Pune.
Convince him by showing a plan on how you want to take things forward.
AS IS
Break down his business in to an organizational structure.
List the activities under each department, Like Accounts/Finance.
Get data in place from finance and accounts for last 4-5 years.
Do a trend analysis using excel/accounting software.
Hire a CA/accountant to get correct management accounting in place.
Data drives business – Your ground work starts from understanding accounts i.e where is the money coming from, where is going & What are the margins.
Next hurdle is to understand marketing/sales teams – Get your hands dirty and work under your dad to understand the customers better and their requirements and see how you can offer / better the services.
Make notes and the same should be documented.
While you are searching for a suitable mentor, Understanding pain points in current business, Strenghts and weakness and Opportunities will be a great study.
During this time spend you will know where the opportunities are and you will be able to analyse a goal.
How to get to that goal can be clarified/guided by the mentor.
I.e from AS IS – TO BE
There by spend 2-3 months by getting your hands dirty and that’s only way to convince your dad(in the long term).
All the best.
Regards,
Krishna Varma
@kvconnects
Rtvik Sethia
Hi Shruti
Can you please elaborate on what kind of business it is. What you manufacture/trade or service, what is the business model, what is the market like(broadly) for what you sell etc etc. You will find people will be able to opinionate and help you more if they have these basic facts available. 🙂
Cheers!
Rtvik
Shruti Vaidya
Thank you soo much Krishna,
You gave me a starting point.. As I was confused about what to do to start working on business model… Thanks a lot!
Will keep you all updated ! 🙂
Amit Shroff
Shruti totally agree with Krishna. If you have multiple department with multiple people to handle different activities you would not have issues. Additionally you can increase your output since you would have more head counts and resource. Also work can be delivered at a faster rate.
Alok Rodinhood Kejriwal
Confused – why don’t you take one the smallest accounts over and then demonstrate to your father than you can manage?
When I joined my Dad’s socks company in 1991, he was doing 10 crores in turnover
It took my 3 years to get an export order of 3 lacs (1994).
When I quit in 1999, I was doing 10 crores.
Won’t he let you handle a chintu mintu account?
Deeti Dave
accompany your dad when he travels to meet clients? you will get first hand knowledge starting this way.
next, i’d spend a lot of time with my employees who work directly with clients.
This two alone would give you a lot of insight into the business.
Venkat Srinivasan
Hello Shruti,
I do have a bit of manufacturing experience, and am based in Pune. Will be happy to help within the extent of my abilities, if you can share some specifics of your father’s business and where you need help. You could reach out to me at venkat@thinkershat.com
Venkat