Succession is a significant step that needs prime importance when talking about the next generation. Today’s generation is growing up in a social and commercial culture that is considerably different from that in which earlier family members took on responsibility.
The next generation is increasingly well-educated, cosmopolitan and independent. Many of them are moving away from their family culture and value system and have their own unique lifestyle and way of thinking. Despite continuing pressures in India’s patriarchal society, they are less willing to be viewed as the automatic heir-apparent. Furthermore, in recent years, businesses have come to be seen more as disposable commodities- to be started up, grown and then sold- making it harder for younger people to identify with the idea of the family business as a sacred trust for future generations. The advantages and disadvantages of joining the family firm are therefore being weighed much more carefully.