Ten Critical Factors That Impact the Business Ownership Transition Process

A guide to assist business owners and their advisors to identify core issues and then structure a successful business succession strategy Embarking on the transformative journey of transitioning business ownership is a complex odyssey fraught with challenges and opportunities. In this comprehensive guide, we illuminate the intricacies of the process, focusing on the ten critical factors that wield profound influence…

Developing the Emerging Generation in Family Business

Parents of the senior generation often express a sentiment: “We’ve allowed our children to decide their own paths” (“Ja Jee Le Apni Zindagi”). This autonomy is valuable, but have we adequately guided them in exploring options before making choices?  Too frequently, the next generation’s career decisions are influenced by peer trends rather than their own strengths, interests, and available opportunities. …

THE MULTI-FACETED WORLD OF MODERN FAMILY BUSINESSES IN INDIA

India has a rich and diverse culture, and this is reflected in the way we do business. From multi-generational family businesses to Silicon Valley startups, Indian businesses have made their mark globally. In this article, we will delve into the fascinating world of family-owned businesses in India, exploring the trust, value, family, revenue, modernization, employee, technology, and new generation factors…

What Your Estate and Trust Plans Say About Your Family Legacy

As successful business owners, you understand that carefully crafted estate and trust plans provide the tools for families to safeguard assets and protect their financial security. But these plans can also ultimately help families create their legacies. How can you have confidence that the planning strategies used in estate and trust plans, as well as the fiduciary appointments made to…

Managing Differences and Conflict Resolution – A Skill Must to be Developed in Family Business

Longstanding family conflict can bring a family business to its knees. It saps energy and happiness and holds back the business from functioning optimally. The first step in resolving longstanding conflict is recognizing that the consequences of avoiding an issue are worse than the emotional discomfort of discussing it. Let us look at an example of a family that succeeded…

Transitioning the Family Business from one generation to another

Family businesses are not only “the backbone of the Indian economy,” but also tend to perform better than nonfamily companies during economic crises. But what happens when the founders decide to retire and hand over the reins to a new generation? For many family businesses, that involves one of the most complex processes and generates the most challenges. The following…

Why Family Business Succession Planning is Important

Most family-owned business owners put off their succession planning because they don’t want to think about their retirement, disability or death, however, business succession planning should be a priority in every family owned business. A family owned business owner’s decision to eventually retire is not as simple as no longer going to the office. Key questions need to be answered…

PROFESSIONALISING THE FAMILY BUSINESS

Professionalizing the family business is critical for growth, continuity and perpetuity through multiple generations.                                          What is a Family Company? A family company is one whose ownership is controlled by a single family and where two or more family members significantly influence the direction and policies of the business, through their management positions, ownership rights, or family roles. Current family owners…