Precision Cut

Separate family from business for a family business to grow into big business, says Hemas Chief Husein Esufally describing the conglomerate’s journey from Bristol Street to Wall Street. Separate family from business for a family business to grow into big business, says Hemas Chief Husein Esufally describing the conglomerate’s journey from Bristol Street to Wall Street. “To get from Bristol Street, where we were located, to Wall Street, was a vision of where we wanted to go,” said Esufally, on Wednesday addressing the LBR-LBO CEO Forum.

The make believe change of address, was also a signal of radical changes that were come upon a hitherto conformist family company.

Thousands of family run businesses, from roadside teashops to every other type of trade, are what keeps the Sri Lankan economy buzzing.

But while the philosophy of keeping it in the family may be a good thing, for a business enterprise it can be very limiting.

As Esufally delicately tries to explain, in Sri Lanka’s conservative culture where obedience to elders and loyalty to family is a given, a family run company tends to get stuck in family obligations.

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