Dynamics of succession planning for Indian family-owned businesses: learning from successful organizations

Abstract

Purpose The purpose of this paper is to highlight the process and challenges faced by Indian family-owned businesses (FoBs) during succession planning and examine the recent advancements in succession planning of successful Indian FoBs. Design/methodology/approach The authors make use of recent developments in terms of succession planning by FoBs to prepare their impartial comments and summary. Findings It is evident that India has the third highest number of FoBs after China and the USA. The challenges for these organizations during the transition of the ownership to the next generation start from finding a competent family member to manage the conflict between the family and the board. Practical implications The paper provides strategic insight into leading FoBs in India for creating a systematic and robust succession plan in their respective organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information, and presenting it in a condensed and easy-to-digest format.