From owners to nation builders: Unlocking growth value

Family-led enterprises remain the backbone of India’s economy, contributing to business growth, employment and national development. At Deloitte India’s Coalesce 2025, leaders from industry, promoters and family offices discussed how these businesses can shift from legacy-driven models to become long-term nation builders.

The discussions focused on mindset shifts, strategic levers and governance practices required to make this transformation. From strengthening collaborations to preparing for public markets, the discussions explored how family businesses can unlock value while preserving purpose, continuity and generational impact.

The shift from legacy keepers to long-term nation builders

Family-led enterprises account for an estimated 79% of India’s GDP. They support industrial growth, social development and employment creation, and drive resilience and innovation. They are evolving from safeguarding legacy to contributing to India’s next growth phase. This shift is essential for family enterprises, given the rapidly evolving markets, changing customer expectations, global competition, technological disruption and next-generation participation.

Indian family businesses are far better prepared for public markets than they were a decade ago, due to formal governance, technology adoption and generational shifts. However, ESG integration, governance maturity, and board diversity remain areas that require ongoing effort to build long-term investor trust.

To continue to move in the right direction, it is crucial now more than ever for family enterprises to define a ‘North Star’ that guides their long-term growth, governance and generational impact. It acts as a compass, guiding strategic decisions and allowing businesses to be more agile and responsive to new opportunities and challenges while staying true to their core purpose.

Partnerships as a growth multiplier

Family businesses, especially midsized ones, can no longer grow only through internal capabilities. It is becoming increasingly essential for them to explore strategic partnerships and alliances to scale without bearing the entire burden alone. Partnerships can help businesses access new markets, new technology, expand talent pool, secure capital, and foster innovation. In fact, 89% of Indian family businesses plan to expand across the Asia Pacific, signalling strong global ambitions that partnerships can accelerate.

Depending on the stage of growth or business need, the partnership could take any form, including acquisition, joint venture, strategic alliance, licensing/franchising, or accelerator/incubator.

The biggest advantage that these businesses have right now is that even global players are looking at India as a focus market and actively seeking potential partnership opportunities with local players.

Innovation beyond products improves performance

Innovation is often linked to financial performance. Most businesses view innovation as the launch of new products. But the biggest returns come from innovating across the entire value chain, from supply chain to customer experience, and not just products. Understanding this is critical for family businesses looking to scale. Digital transformation is underway, with 50% having a fully integrated technology strategy aligned with business goals and 53% actively using AI across operations.

The role of leadership is to foster a culture that supports experimentation and the adoption of new technologies. Partnerships often open doors to this broader innovation because external collaborators bring in new ideas, processes and technologies.

Key learnings for family-led enterprises to scale

• Think long term, do short term: Support the big vision, but start with achievable small wins.


• Think global and act local: Learn from global trends, but adapt them to India’s unique customer, regulatory and cultural context.


• Leadership push matters: Leadership and management must remove internal barriers that hinder growth.

The roadmap to IPO-ready growth

For many family-led enterprises, the promise of tapping into growth potential, unlocking wealth creation, and adopting stronger governance frameworks makes an IPO an attractive next step. Governance formalisation is accelerating, with 80% of boards now including non-family members with voting rights, and succession planning gaining urgency – 69% have a thorough CEO succession plan and 64% have one for senior leadership.

When family businesses consider the IPO route, it is crucial to consider timing, readiness and brand value. What helps build a strong IPO story are sustainable growth, a clear future vision and a differentiated value proposition. However, gaps persist as only 4% of boards have more than 40% women, 26% have no term limits, and ESG execution and reporting remain uneven.

At this stage, a PE or strategic investor can help these businesses strengthen governance, professionalise systems and processes, and enhance brand value. They can help you tap into international markets and bring long-term benefits to the business.

Ultimately, as India’s family-led enterprises continue to shape the country’s economic future, insights from industry experts can help them define a North Star that guides their long-term growth.

The author of this article is K. R. Sekar, Partner and Leader, Deloitte Private, Deloitte India

Source: Deloitte Private Family Business Insights 2025 (India), Deloitte Private Global Survey 2024, Deloitte IFB Report.