Japanese family business expert shares longevity secrets with Rajkot industrialists | Rajkot News
Rajkot: The department of business management of Saurashtra University (SU) and the Industries Institute Interaction Cell (IIIC) hosted an expert session featuring renowned Japanese researcher and family business expert, Professor Toshio Goto on Monday. The event focused on teaching sustainable business models for Indian family enterprises, drawing heavily on the success of Japanese enterprises.The 94-year-old Harvard Business School MBA graduate brings extraordinary expertise to the table, having served as a consultant to Japanese family businesses that are up to 1,000 years old.During his address, Prof Goto emphasized the Japanese concept which places a strong focus on the family system. To ensure the longevity of a family business, he advised leaders to adopt a “Business First” mindset, prioritize meritocracy, build systems that go beyond mere bloodlines and focus heavily on succession planning and leadership. The event was attended by 37 prominent business families of Rajkot at an SU auditorium.A key takeaway from his lecture was the necessity of balancing family expectations with business requirements, supported by a strong family value system and a long-term plan for governance. Prof Goto explained that in Japanese family businesses, “social capital” is often valued more highly than financial capital. He outlined six foundational stones for family business success, stressing that “trust” is the most critical element for sustaining an enterprise across multiple generations.Highlighting the importance of the event for the local economy, Saurashtra University vice-chancellor Prof Utpal Joshi stated, “Rajkot is a hub of industries. The visit of an international expert like Prof Goto will provide a global perspective to our local businessmen and help them stabilize their businesses for the long term”.The lecture was attended by prominent family business owners and leaders from Rajkot, including representatives from major local brands like Balaji Wafers, Gopal Namkeen, RK Builders, RK Silver, and members of numerous industrial and manufacturing associations.Following the main address, local industrialists engaged in a direct Q&A session with Prof Goto, discussing work methodologies, the unique challenges of family-run enterprises, and how to integrate Japanese discipline into modern industries.Prof Goto has previously worked with the globally recognized IMD institute on Japanese family business governance and collaborated with Saurashtra University’s Prof Hitesh Shukla to research the 461-year-old Kikkoman Corporation.
