Building a successful business takes years of hard work, sweat, determination and perseverance. Hence, it's equally important to ensure that such business continues to run efﬁciently even when the baton has to be passed by key position-holders. The passing of baton could be either an inter-generation transfer or setting up of an independent management (viz., management different from its stakeholders). Either of these could be achieved through a process of Succession Planning.
|Robust Planning from a tax and regulatory perspective||Effective Implementation|
|Understand the business and the existing holding and control structure||Draw a Detailed Roadmap clearly deﬁning the steps to be implemented along with timelines and responsibility matrix|
|Key thrust on family requirements and Patriarch’s Wishlist||Facilitate Smooth Implementation of the road map, including support on effective documentation and seeking requisite regulatory clariﬁcations / approvals involved|
|Develop Workable Options from a tax and regulatory perspective, that achieve the objectives basis brainstorming and detailed analysis – eg. Trust vs. Will|