New Delhi, Oct. 28 -- Just over one-third of Indian family enterprises and wealth custodians have a clear, documented succession plan, while another 42% have broad agreement on succession but have yet to formalise it, according to a new report by Grant Thornton Bharat and Entrust Family Office.

The report also found that 16% of families are currently discussing succession but lack clarity, while a mere 6% do no currently consider it a priority. The findings suggest that while most families have some direction on succession, many are yet to translate their plans into a formal roadmap.

Succession planning refers to the process of preparing for the transfer of leadership, ownership, and management of a family business from one generation t...