Family Businesses Must Have A Succession Plan: Sethurathnam Ravi, Former Chairman, BSE

Sethurathnam Ravi, former Chairman, Bombay Stock Exchange, points out that there is a method to transition, with many factors determining the way forward for a smooth transition. These challenges include family structure, the skill sets of family members, aspirations of all concerned, ceding of control, family wealth, the nature of the business, and relationships among family members.