Taxmann Business Succession Planning

Taxmann Business Succession Planning Description

This book provides answers to the readers’ primary questions about succession, i.e.

• Where to begin?
• The ways to implement

The sole purpose is to help the reader understand the basics of succession in a simplified manner. It will be helpful for professionals and business owners to understand the critical aspects of succession planning and create strategies for better business continuity planning.

The Present Publication is the latest 2022 edition, authored by CA Ravi Mamodiya, with the following noteworthy features:

• [Five-Step Approach] to handle the wheel of succession to plan, manage and see the expectations
• [Technicalities explained in a Simple Manner] To avoid getting caught in the web of laws & rules, the author has presented the technicalities suited for a layperson too
• [Diagrams, Charts, Case Studies & FAQs] are embedded in the book to help the reader to gain better insights on the topic
• [Summaries] Each chapter consists of key takeaways to revisit the learnings and remember the important points to solve the readers’ doubts and provide clarity
• [Authors’ Personal Experience] with different clients, including those faced amongst family, friends, and relatives, are included in the book to help the reader grasp the practicalities and realities of day-to-day life

The detailed contents of the book are as follows:

• [Succession Initiation] The first part provides the base of succession, the kinds of succession planning and ways to understand the same. This part also consists of the myths and reality about succession, challenges in the family business management and the lifecycle of the business
• [Succession Preparation/Rehearsal] The second part talks about the guiding principles and strategies to handle succession planning along with the approach to pursue the same. In this part, the most important topic is a five-step approach to address the succession and wheel of succession to plan, manage and see the expectation of the same
• [Owner’s Vision] Part three consists of the owner’s vision, which is the first step of the five-step approach. In this part, the business owner/professional will take the clarity about the vision of the business internally as well as externally and create a better visualisation of the business for the long term along with the benefits to all the stakeholders
• [The Family Constitution] The fourth part talks about the purpose and creation of the family constitution. This part also deals in making a better understanding of the family council, creation of the constitution, family fund, family board creation and their regular meetings. In this part, we have also talked about the tools for family governances
• [Aligning the Family Business] The fifth part focuses on the alignment of the family vision with business and creating a better bridge so that the values of the family can remain intact along with the growth of the family business. Contingency planning is an integral part of this succession journey dealt with in this part
• [Successor Identification & Grooming] The following part talks about the successor’s identification and the grooming of the successor. This consists of the HR strategies and the readily available tools that will help make it happen. This also talks about the assessment, management and grooming of the successor
• [Ownership Transfer and Estate Planning] In the seventh part, this book explains the estate planning and applicability of the different laws like the Indian Succession Act, Hindu Succession Act, Creation of Private Trust and its structuring, along with the Income Tax Act and its provision applicable in different situation
• [Case Studies & FAQs] All the parts also consist of the Checklists and Key takeaways at the end of every part, which will help the reader to summarise and understand the succession in the best possible ways

Review

Shivram Sethuraman | PGDM IIM Lucknow

Independent Director Apollo Home Healthcare Ltd. | Ex-Director – Deloitte Human Capital Advisory Services

“I found this book fruitful for all business owners to help them create a roadmap for a smooth transition of power from one generation to the next.

The simplicity of this book allows any kind of business owner to create a succession plan and, most importantly, guides towards how to execute such a plan practically.

The author has very well explained the concepts with relatable practical examples.

Looking at the ‘Five Steps’ approach, which he talks about in the book, it brings absolute clarity on the continuity process and draws out a clear pathway for succession.”

Taxmann Business Succession Planning