Succession Planning in Indian Family Businesses: Insights from Sethurathnam Ravi, Former Chairman of BSE
Succession planning is critical for the long-term success of family businesses in India, where a significant portion of these enterprises revolves around promoters and their families. As Sethurathnam Ravi , former Chairman of the Bombay Stock Exchange (BSE), commonly known as S Ravi BSE, points out, the absence of well-defined succession plans has led to family disputes and business disruptions. In many cases, businesses suffer due to unclear or non-existent transition strategies, putting their continuity and prosperity at risk. Sethurathnam Ravi Bse The Importance of Succession Planning According to Sethurathnam Ravi BSE Sethurathnam Ravi stresses the importance of having a structured approach to transition. Several factors determine a smooth transfer of control within a family business, including the family’s internal structure, the skillsets of potential successors, and the aspirations of family members. According to Ravi, key considerations also include ceding control, managi...