Only 36% of Indian business families have a documented succession plan, Grant Thornton Bharat and Entrust find
A study by Grant Thornton Bharat and Entrust Family Office, reported on 18 October 2026, draws on interviews with about 50 Indian business families. Most have agreed broadly on succession; far fewer have written it down.
On 18 October 2026, Business Standard reported the findings of Custodians of change: Next generation of Indian wealth, a joint study by the advisory firm Grant Thornton Bharat and Entrust Family Office. The study is based on conversations and interviews with about 50 family businesses across India, covering first-, second- and third-generation owners and successors, with family wealth of roughly ₹100 crore to ₹10,000 crore.
The figures below appear on Grant Thornton Bharat’s report page and in Business Standard’s article, which says the findings were shared with it exclusively. Both rest on the same study. Both authors also sell advice to the families they surveyed.
Succession: agreed, rarely written down
Of the families interviewed, 36% have a clear, documented succession plan. Another 42% report broad family alignment with no formal documentation, 16% are still discussing the matter without clarity, and 6% do not treat succession as a priority.
The next generation’s say in decisions does not rise steadily. Among first-generation families, 36% report that successors have meaningful influence or co-lead some areas. The share drops to 18% in second-generation families and climbs to 54% in the third. Business Standard adds the reverse figure: the proportion of families where the next generation has no part in decision-making is 18%, 36% and 8% across the three generations. The report reads this as families holding control more tightly during the second transition.
Governance and the family office
The most common model for major decisions combines family members and professional management. Preferences differ by generation. Founders favour family-led decisions supported by outside advisers, second-generation leaders lean towards professional management under family oversight, and third-generation respondents prefer a hybrid with a dedicated investment office. Grant Thornton Bharat notes that close to 20% said their approach depends on the size and type of decision, and almost as many said the head of the family still takes the final call after hearing others.
On family offices, 24% of families cite a move from the operating business into diversified financial investments as the reason for setting one up. Major liquidity events and holdings spread across several asset classes, entities or jurisdictions are each cited by 21%. Asked where a family office makes the most difference, respondents put professional investment management, staff and processes first, followed by diversification across geographies and asset classes.
Reading the numbers
The sample is small and the method is qualitative. With about 50 families split across three generations, each generational percentage rests on a handful of respondents, and the 18% and 36% second-generation figures may reflect only a few families. The direction of the findings is more useful than their precision.
What it means for family offices
The gap that matters is the 42% of families who say they agree on succession but have not put it in writing. An unwritten consensus is tested when the transition happens, not before. Advisers to Indian families, including those structuring wealth from London, Dubai or Singapore, will find that formalising what is already informally agreed is usually easier work than settling what is still in dispute. The finding fits Citi’s 2026 family office survey, in which roughly a third of respondents expected a leadership transition within five years and Citi listed unclear succession plans among the recurring obstacles.
Sources: Business Standard (18 October 2026); Grant Thornton Bharat, Custodians of change (October 2026).