Manu Sreenivasan

Way to go Team @FourthAmbit!!! @rahuldas09 @sbm_fourthambit @JikkuJolly @rubychandu twitter.com/TiEBangalore/s…

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 Thank you!

Its time for us to conclude this discussion. Thank you all the Panelists for making this such a prolific exchange of thoughts.@AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 #WealthManagement #PrivateBanking #successionplanning

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 Sharing of caselets about successful multi generational family businesses, holding sessions on topics such as estate planning, encouraging interaction with other business families, encouaging them to attend seminars and workshops #PBSI2018 #CPBM @Wektra_FO

Last Q -What steps is your organizaton taking in promoting awareness on succession planning? @AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 #PBSI2018 #WealthManagement #PrivateBanking #CPBM #successionplanning

@cyrilamarchand @AIWMI @adityagadge @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 It is becoming increasingly multi disciplinary - Legal, Wealth Management, Tax planning, Estate Planning etc. - and all with multi geographic focus!

@AIWMI @adityagadge @msreenivasan @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 Clarity on flow of wealth, providing for next generations, asset protection, tax efficiency, flexibility, well run and governed structures. Something that they can operationalize in their lifetime itself.

Q- What are the key focus areas for family business owners when devising a succession plan? @AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 #PBSI2018 #WealthManagement #PrivateBanking #CPBM #successionplanning

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 Define family's vision and values along with the organization's vision and values. Identify family talent with matching skills and groom them. Focus on business continuity with independent board, leadership councils etc. Family vs Corporate governance #PBSI2018 #CPBM @Wektra_FO

@SandeepNerlekar @AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @GhosalPallabi1 True! The openness of the family to external views + ability of the professional to understand and work with family business dynamics is key.

@AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @GhosalPallabi1 They can be effectively used if the business families are open to the views of the professionals

Q-How important is the role of non-family management teams and consultants in a family's succession plan? @AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 #PBSI2018 #WealthManagement #PrivateBanking #CPBM #successionplanning

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 The rules of the game (both business and family dynamics) are changing. One needs to be open to whether you want to be owner + manager perpetually, or is it okay to be an owner and get professionals to run your business. #PBSI2018 #CPBM

Q- 88% of current family business owners believe the same families will control their business in 20 years, but succession statistics undermine this belief. Your views please? @AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 An independent person to talk to can help in many cases and help bring in objectivity. The external member can also bring in fresh perspectives based on their learnings elsewhere. #PBSI2018 #WealthManagement #PrivateBanking #CPBM @Wektra_FO

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 Many family businesses lack a strong independent board and advisors, and hence may not get independent perspectives and advice on overcoming these challenges. #PBSI2018 #WealthManagement #PrivateBanking #CPBM @Wektra_FO

Q-Whats are the challenges Indian family businesses are facing in succession planning?@AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 #PBSI2018 #WealthManagement #PrivateBanking #CPBM #successionplanning

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 In the past, the family head’s will was followed by the next gen, but not the case anymore. The next gen increasingly wants to chart their own path. Lack of open communication between generations compounds the problem. #PBSI2018 #WealthManagement #PrivateBanking #CPBM @Wektra_FO

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 One good example is the VGuard, Wonderla, V-Star goups of companies. Well articulated succession plan and division of ownership and management. @VGuardOfficial @Wonder_La @V_StarCreations #PBSI2018 #WealthManagement #PrivateBanking #CPBM

Q- Can you share examples of some families who have shown an exemplary execution of a succession plan? @AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 #PBSI2018 #WealthManagement #PrivateBanking #CPBM #successionplanning

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 We see a significant bias towards overseas education. However, not enough attention has been given to succession and the dynamics of a family business. Agree with @cyrilamarchand good workshops and seminars are avaiable now. #PBSI2018 #WealthManagement #PrivateBanking #CPBM

Q- Are Indian families investing enough time and efforts in Gen-Nex education as a part of Succession Planning? @AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 #PBSI2018 #WealthManagement #PrivateBanking #CPBM #successionplanning

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 A Family Office structure helps in segregating the business and the family governance. The FO act as a single point contact, and can bring in an independent perspective without the strings of family relations pulling them. #PBSI2018 #WealthManagement #PrivateBanking #CPBM

Q- How do you rate a Family Office as a structure for succesion planning? @AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 #PBSI2018 #WealthManagement #PrivateBanking #CPBM

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 Don'ts - Should not be event based, Entitlement mentality of family members, Not passing/Grabbing/Being forced the baton #PBSI2018 #WealthManagement #PrivateBanking #CPBM

Q- What are the dos and donts for a family business while creating a succession plan? @AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 #PBSI2018 #WealthManagement #PrivateBanking #CPBM

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 Dos - Make a plan, Continuous process, Talent identification and development, Be open to external leadership, Ask the prospective successors explicitly, Communicate the plan openly #PBSI2018 #WealthManagement #PrivateBanking #CPBM

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 I often quote this example in the context of succession planning...The US relay teams, individually brilliant, but consistently manage to mess up they tansition #PBSI2018 #WealthManagement #PrivateBanking #CPBM

Q- Please define succession planning? @AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 #PBSI2018 #WealthManagement #PrivateBanking #CPBM

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi1 Succession Planning to me is like a relay race involving meticulous, systematic and continuous planning and execution for passing the baton (transition) and finishing the race (delivering on the family/org vision). #PBSI2018 #WealthManagement #PrivateBanking #CPBM

@AIWMI @adityagadge @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi Good evening everyone!

Good Evening all the panelist @AIWMI @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi

Join the informative #TweetChat on ‘Importance of Succession Planning’ on June 1st from 4 pm-5 pm moderated by @aiwmi with our panelists: @adityagadge @msreenivasan @cyrilamarchand @tariqaboobaker @SandeepNerlekar @GhosalPallabi

Congrats @abhirrockz ! For the second year in a row, a Wektra Family Office intern won the best Summer Internship Aw…lnkd.in/fvnSGJa