At a recent shipping industry event, I was intrigued by a talk that shifted focus from technology and current maritime trends to the enduring role of family‑oriented businesses. Earlier this year, Marex Media released Centenarian Giants, a coffee table book celebrating not only family‑owned enterprises but also maritime associations and unions — making this discussion particularly resonant.
I was struck by the clarity with which Mr Farhad Forbes, Co‑Chairman of Forbes Marshall, articulated the immense role of family‑owned enterprises in shaping both India’s economy and the global landscape. He reminded us that family businesses contribute nearly 60–70% of GDP and employment worldwide, a statistic that instantly reframed the scale of their influence.
What resonated most with me was his description of family businesses as heirlooms — assets we inherit, nurture, and then pass on in better shape to the next generation. Unlike professional managers who may move on, families remain tethered to their enterprises through both triumphs and trials. This continuity, Mr. Forbes argued, is what gives family businesses their unique resilience.
I found his exploration of paradoxes particularly insightful: balancing tradition with innovation, unconditional love with objective assessment, and financial prudence with prudent risk‑taking. These contradictions, he said, are not obstacles but strengths, provided governance structures are strong and values remain intact.
The most engaging part of his address, for me, was the focus on the next generation. He cautioned against entitlement and stressed the importance of passion, humility, and alignment of values. His anecdotes of young leaders transforming traditional industries — from soapstone to diesel engines and textiles — with sustainability and digital innovation were inspiring. They illustrated how legacy and modernity can coexist, and how the next generation can truly elevate family enterprises.
As the session concluded, Mr Forbes’ words offered a powerful reminder: the so‑called ‘three‑generation curse’ is not destiny but myth. The endurance of family businesses across centuries reflects resilience, values, and vision. In the maritime industry, these enterprises remain steadfast anchors — carrying tradition while navigating transformation, proving that legacy itself can be a force for innovation.
Marex Media
The Author
Miss Delphine Estibeiro (please recent photo)
Joint CEO
Marex Media Pvt Ltd