The term succession planning refers to a business strategy companies use to pass leadership roles down to another employee or group of employees. Succession planning ensures that businesses continue to run smoothly and without interruption, after important people move on to new opportunities, retire, or pass away.
In a typical Indian family business, normally the successor of the business are the children of the owner , in regard to my family business it would be my elder brother and me if I work in my family business going forward. On the current circumstances the lead successor for my family business would be my elder brother who is helping in growing the business as we speak .
