Often, the difference in opinion, talent and priorities of different stakeholders, lack of clear and direct communication, inter-personal relationships, etc. among the legal heirs’ act as a major obstacle in smooth transitioning of ownership and leadership in a family business. This could invariably impact the business as a going concern and its market position. Thus, a well-planned succession ensures that the family fortune and the business legacy is well preserved.
Partner, Grant Thornton India LLP
This article appeared in Live Mint on 06th June, 2019.