Legacy is far more than inheritance

Despite having written two books — Dare to Be and Millionaire Housewives — the authors of the book Daughters of Legacy, Rinku Paul and Puja Singhal, say they “didn't quite know what we would find. After all, it is the stories of first-generation entrepreneurs".  

Legacy bearers, especially in corporate India, are perceived to be hugely privileged. Debates have always revolved around the value of the professional versus the family inheritor. Adding a layer of complexity to this debate is gender; making a mark for yourself in an established family business as a woman is that much harder.

The movie Dil Dhadakne Do captures this challenge well. Priyanka Chopra plays a young, established businesswoman who makes it to the Forbes Top CEOs Under 30 for her start-up, but it is her twin brother (played by Ranveer Singh) who their father always considered the head of the family business even though the son lacks the acumen and wants to be a pilot instead.

Given this lingering prejudice, the fact that family businesses in India are seeing a surge in the number of women inheritors is a welcome change. The authors attribute this to a “heady mix of globalisation, greater emphasis on education and exposure ushered in a new era in the family-run businesses in India”.

Daughters of Legacy seeks to answer questions around the challenges and perks of handling age-old legacies: How do these women in power ensure they earn respect in the position that they have earned through privilege? The authors examine these issues through the stories of 12 successful women who grew up with strong business lineages. From Ashni Biyani, chief ideator, Future Group, who regards herself as a co-creator of the business rather than just a legacy bearer, to  Tara Singh Vachani, non-executive director, Max India Limited, who feels you can either choose to feel burdened by the perception of the external world or just wake up and do what is important. These young women may not have been the first women to inherit their businesses, but they are nonetheless paving the way for many other women to proudly walk the corridors of business.

As the conversation goes in the book, the women are seen both admitting to vulnerability and empowerment and dispelling the myths associated with heiresses. Let’s sample a few of them:

• “Legacies can sometimes seem like a burden” because the inheritors are often filling large shoes. Despite this, the women profiled here seem unanimous about creating their own legacy.
• “You need to learn to drown out a whole lot of noise around you.” These legacy bearers have learnt to keep naysayers at bay to be able to achieve anything of worth. However, at the outset, it wasn't as easy as it sounds.
• “Customers didn’t expect to find a woman selling a boiler or a water treatment plant and would, almost always, want to speak to a male counterpart”. That patriarchal mindset runs deep in our country is well known, and many of these women have had to put up with the common perception that they were whiling away their time in the business till they find a good matrimonial alliance.
• “People expect you to approach things in a softer manner.” Gender stereotypes apart, these young women inheritors believe the key is not to shy away from a direct and forceful approach if the situation so demands.

Ms Paul and Ms Singhal note how there is an overriding sense of gratitude among these legacy bearers. “I am privileged to have this opportunity and I have to see how I can add value to it” is the common attitude. The book takes the story of these legacy bearers a level up by capturing the hopes, the aspirations, and the emotions of the generation that actually passed on the business baton to them. So, each chapter concludes with heartfelt parental letters from the business promoters explaining how they see their daughters shaping their business empires.

The heart-warming stories of these heiresses are witness to the fact that the rise of successful women in business will lead to greater dialogue around the subject and act as a catalyst for encouraging more women to pursue their dreams and aspirations. Perhaps it is also time to keep away from preconceived notions that women in rich business families have it easy. Privilege is an advantage and a springboard, sure, but the gender barrier will remain the biggest hurdle for women inheritors to be accepted as professionals in their own right. In fact, it is fair to say that these 12 successful women have carved their own niche beyond their famous last names.

Daughters of Legacy

How a New Generation of Women is Redefining India Inc

Rinku Paul & Puja Singhal

Penguin

248 pages; Rs 175