REVITALIZING THE JOINT FAMILY BUSINESS MODEL: ADDRESSING SOCIO-ECONOMIC, CULTURAL AND NATIONAL NEEDS THROUGH SUSTAINABLE STRUCTURAL REFORMS

Joint Family Businesses (JFBs) have traditionally formed the backbone of socio-economic stability and facilitators for inter-generational wealth creation. These enterprises are crucial pillars of local economies in many developing countries, such as India, China, and parts of the Middle East, providing employment opportunities, wealth distribution, and social cohesion. This leaves the traditional JFB model with immense challenges in an increasingly globalized and digitalized world. This paper offers a comprehensive analysis of the historical significance, socio-economic importance, and structural drawbacks in the functioning of JFBs. Based on case studies, empirical research, and comparative analysis, we propose a broad framework for restructuring JFBs to make them remain relevant in the modern times. Our recommendations include governance reform, professionalization, technological integration, and innovative succession planning to make JFBs more adaptive, resilient, and sustainable.