On Saturday, 15th June 2024, the IndiaBizForSale team got the opportunity to meet Mr. Mayur Desai at the Desai Family Office. Desai family office has invested in dozens of private companies in its journey and has made its name as a savvy long-term early stage investor.
Our discussion was more than just a business meeting, it was to know the journey of Mr. Desai whose wisdom and experiences offer invaluable lessons to entrepreneurs and investors. In this blog, we had shared some key insights and important takeaways from the time spent getting to know Mr. Desai and his family office investment thesis.
The Initial Journey: Integrity and Passion
The path taken by Mr. Mayur Desai is proof of the strength of integrity and passion. His path was not straight, but it was shaped by his principles and interests. He switched his career from a doctor to start his journey in the distribution and logistics business. He recalled an incident about how a forgotten phone call led him to a big change in his career, showcasing how life may take unexpected turns.
He also highlighted the characteristics of what makes businesses successful. Mr. Desai said that it is important to evaluate the entrepreneur’s moral character, passion and the desire to grow.
Taking Risks and Learning: The Foundations of Development
Mr. Desai is a firm believer in taking risks and lifelong learning. He shared examples from his diverse career changes, emphasizing the lessons he learned from each role i.e., from doctor to business entrepreneur. He believed that learning should never stop and that taking risks is essential and resonated deeply with us. He believes in investing in early stage startups by providing support to the startup founders, helping them grow and guiding them through the challenges.
The Investor’s Perspective: Luck, Skill and Decision-Making
In our discussion, Mr. Desai revealed the thinking of investors. He acknowledges his success as a combination of luck, skill and experience. He also stated that having the right skills is not always as important as being in the right place at the right time.
Mr. Desai shared his strategy to focus on the profile of the business founder before analyzing the financial data. For him, the most important factors are the founder’s vision and integrity, while other factors are secondary, but still relevant.
Value of Relationship and References in Business
The value of connections and references in closing deals was among the most important lessons we learned from our discussion. Mr. Mayur Desai highlighted the importance of strong relationships leading to the best opportunities, claiming that most of the businesses come to him through references (with zero spending on marketing). His success has been largely attributed to his ability to use his network, emphasizing the value of interpersonal relationships in the business sector.
No Regrets: Accepting Every Decision
Mr. Desai loves to live without regrets, which is both an inspiring and thought-provoking statement for us. He was transparent and discussed openly how he lost the opportunities to invest in good startups and also discussed unsuccessful investments — seeing them more as a necessary part of the journey.
Many aspiring business owners and investors can benefit from adopting this mindset of looking forward rather than focusing on the past.
The Balance of Flexibility and Principle
Mr. Desai’s flexible but moral approach to life and investing really stood out to us. He respects the work-life balance of the younger generation and makes an effort to uphold the fundamental values while keeping an open mind.
The Impact of Passion on Business Goals and Time Management
Time is not an issue when you are truly passionate about what you are doing, you are more motivated to put in the time and effort necessary to achieve business goals. Working with passion drives determination and innovation, which helps you to overcome all the obstacles and maintain focus on the goals.
Effective time management is still crucial, but passion can provide you the motivation to make the most of every opportunity and achieve success.
Q&A with Mr. Desai
It was a two-way (open) discussion, many of our team members got an opportunity to ask some questions and know his perspectives. Some are;
1. How did you manage to operate businesses and then pass on the management to others?
He did not get into operating the businesses (in which he invested) at all. He found people or a team who could do it and set up his distribution and management in a way that he could simply delegate and manage the team and the business effectively.
2. Did you always intend to invest in businesses, and does he subscribe to the “Law of Attraction” concept?
Investing wasn’t a planned pursuit, it just came by and believed he was available at the right place at the right time. He doesn’t disbelieve the belief called “Law of attraction” but hasn’t thought of leveraging the practicality in his life.
3. After having a successful journey, does your behavior or attitude change over a period of time?
It may happen after having continuous success, a person could become reckless and feel superior to others but nature has its own way to give the reality check. So, Always stay humble wherever you are.
4. How do you find the Integrity in an entrepreneur or in business?
He believed that the primary factor to invest in business is the entrepreneur’s integrity and passion to achieve success in the business along with the innovation behind their business/startup.
5. What’s the future of Desai Family Office?
Mr. Desai said, business should be driven by the team with less effort from owners. He invested in various domains and also ran his companies which are driven by his team. He also mentioned that in upcoming years, he will not get involved in business operations.
His desire for continuity and balance in his both personal and professional life reflects in his plan to establish a family office and retire at the age of 65.
Wrapping Up
In conclusion, the meeting with Desai Family Group was the combination of learning, inspiration, and introspection. We learned different insights on integrity, passion, and the mindset of investors’. It was a lesson that human traits and the relationships we make along the road are just as important as the financial data to achieve success in business.