SUCCESSION PLANNING

Family-owned businesses (FOBs) are the backbone of India’s economy, contributing to more than 75 per cent to the national gross domestic product (GDP) – among the highest globally. These businesses, says author of Family and Dhanda Srinath Sridharan, “hold the potential to not only reach towering heights of success but also transform India into a global economic powerhouse. Yet, sustaining this success across generations is no easy feat”.

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Family-owned businesses account for two-thirds of publicly traded companies in India and deliver shareholder returns that are twice as high as that of their non-family-owned business counterparts. But what sets the successful ones apart? A strong culture, good governance and a focus on value creation, professionalism and transparency. In contrast, internal family politics, gender biases and succession dis