While in common parlance professional and personal are two different facets of life, businesses in India though, have had a blurred line in this aspect by being “family run / held”. Reasons such as economic, social and individual / psychological factors embedded in the Indian culture could be attributed to this pattern. These family run businesses have long dominated India's economic fabric, blending tradition with enterprise, and today, with India being home to approximately 170 billionaires (the third highest in the world), some of these businesses have exploded into multi-tier corporations with extensive global reach and influence testaments the success story of traditional businesses.

Now, as we stand in 2024, traditional business houses and the economy have matured in tandem. Once closely held enterprises have grown their operations and evolved their strategy for meeting the demands of the “India growth story” while generating wealth more than ever.

Moving on from traditional businesses, over the past decade, the Indian economy also saw the rise of new-age entrepreneurs and businesses. As of 2023, India has approximately 0.14 million start-ups of which 0.0001 million are unicorns. The obvious outcome of the growth in “start-ups” has been generation of wealth in the hands of such new age entrepreneurs, with many of them being under 40.

In this context, it is no surprise that effective “wealth management”, “wealth deployment / family offices” and “succession planning” are being talked about as imperative factors for wealth maximization and business continuity.

With this background, Dentons Link Legal is proud to present a segment overview titled "Prospering Legacies: Family Offices and Succession Planning". Authored by Managing Partner Anand Srivastava, Partner Namita Das, and co-contributed by Senior Associate Raghav Mittal and Associates, Prakriti Singh and Sarthak Kasliwal, this segment overview provides a broad analysis of wealth and estate management and succession planning, including the regulatory framework for family investment funds and aspects of structuring them through GIFT City.

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