Prof. Parimal Merchant, Director - Global Family Managed Business Program, SP Jain School of Global Management, recently authored an article titled ‘Ten Critical Factors for Effective Succession Planning’ in The Economic Times Family Business Forum, a media platform that brings together insights, views, research and voices behind some of India’s leading businesses.
Prof. Merchant notes that choosing the appropriate successor is the most crucial task for all family business owners to ensure their businesses’ longevity and prosperity. He elaborates that the task of succession is not an event; rather it’s a process – called Succession Planning – which owners need to put in motion long before they are ready to hand over the reins of their business.
“As a Family Business owner, you need to start Succession Planning early, there are no shortcuts here!” writes Prof. Merchant.
Click here to read the 10 factors highlighted by Prof. Merchant that are crucial for Succession Planning to be effective.