Rajkot: A new book titled ‘Longevity of Family Business–The Japanese Way,’ released on Thursday, explores how some Japanese family enterprises have survived for centuries despite wars, economic crises, technological disruptions and changing consumer preferences.The book is co-authored by Prof Toshio Goto (94), an MBA graduate of Harvard University and a veteran business adviser, and Prof Hitesh Shukla, who heads the MBA department at Saurashtra University.Based on extensive research covering 25,321 Japanese companies, including well-known firms such as Takeda Pharmaceutical, Toyota, Nintendo and Kikkoman, the book argues that business longevity depends on more than profitability or family ownership.According to the authors, enduring family businesses are built on strong governance, ethical values, trust, disciplined growth, effective risk management and a commitment to future generations.The study identifies six key principles followed by successful long-running family enterprises, including long-term thinking, a clear focus on core strengths and strong relationships with stakeholders.The book also examines Japan’s distinctive approach to succession, where competence and continuity can take precedence over bloodline, helping businesses maintain stability across generations.The authors believe the findings hold relevance for Indian family-owned enterprises, particularly those dealing with succession planning, professionalisation, family conflicts and corporate governance challenges.
