State of Succession Planning with Generational Imperatives in Indian Family Managed Businesses

Succession issues are prominent topic since ancient times when kingship and clan system prevalent in India. In tradition, the eldest son become successor for king position when his father becomes retire or not interested to manage the kingdom due to various reasons like old age, health considerations, sudden death or due to some other reasons. The present study is an attempt to investigate and explore such connections and imperatives to provide a rich insight to Indian businesses managing their wealth and family estate in a multidimensional social system. In this conceptual study, it is attempted to get linkages and insights on the topic of succession planning and management to prepare next generations of leadership bench. The findings suggest that Indian family managed businesses need to work upon their succession strategies and they should focus to create some proactive plan.