At the heart of every family business is the long-term sustainability of the family and the business. Family businesses are, therefore, best positioned to contribute to economic growth with a responsible, purpose-driven approach and create a positive impact across their entire value chain. Especially in a rapidly developing country like India where SMEs are a vital factor in driving the country’s growth, family businesses are particularly important. Whether via their businesses, investments, philanthropy or advocacy, family businesses are increasingly exploring approaches to make the world a better place for future generations by blending both business and social values. Strengthening this industry segment is an essential investment for India@2047.

How should family businesses build succession plans so that operations remain unaffected, and the baton is passed on to the next generation?