In late 2016, streaming giant Netflix released The Crown, a historical drama tracing the reign of England’s Queen Elizabeth II, to enormous commercial success and critical acclaim, revealing a certain obsession among its global audiences with matters of inheritance, especially when they conflict with tradition. Indeed, the questions of seniority, entitlement, merit and equality have forever dominated the world of family businesses, monarchical or otherwise.
From Walmart Inc. to Reliance Industries, business conglomerates, in particular, must invest time and careful thought into succession planning, lest they find themselves embroiled in bitter family feuds later on. If recent announcements are any indication, Indian billionaire industrialist Mukesh Ambani, for instance, is exhibiting many ideal approaches as he preps his children for eventually taking over the Reliance empire: an early start, transparency and gender parity, to name a few. What other best practices can we add to this list with regards to dividing business conglomerates amongst heirs?
LEGAL ROUTES: WILLS, TRUSTS, FAMILY COUNCILS, LLPS AND MORE
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