Are You An Entrepreneur And Hesitant To Write A Will?

Did you enjoy Shark Tank India which was released this year? I agree with one of the judges who said that the years from 2020-2030 are the era of entrepreneurs and start-ups. Most of the contestants there were first generation entrepreneurs. In fact, India has the distinction of harboring the world’s third-largest startup ecosystem.

But as the saying goes, nothing like bad succession planning to ruin a good reputation. The data shows that 70% of the wealth created through business is lost during the transition from the wealth creating generation to the next generation and around 90% is lost by the time it reaches the third generation. Hence, it is very easy for you to not think about succession planning but your legal heirs, especially your children, will eventually get involved in property disputes, later in life. You surely don’t want that!!

While consulting the CEOs/businessmen, I came across the following insights:

1. They are not ready to believe that their business is big enough to think about succession planning.
2. They think that, succession planning is for those entrepreneurs who are famous or at least have a very huge valuation.
3. They are still not ready to think about the after effects of death. It is a bit of a sensitive subject but a harsh reality.

But now times are changing at a fast pace. When those traditional business methods are not working for you, how can the traditional way of succession planning could work? Since ages, data is the fuel. Every business runs on data calculations and analogies. You plan your next business move on the basis of data, but you forget to give your own data to your family, then how are they meant to proceed? And I agree that you can’t pass on every bit of information related to property to your family members and that is the biggest benefit succession planning provides.

‍Why should Entrepreneurs have a Will?

1. To ensure that your beneficiaries will enjoy an orderly and planned settlement of your business affairs.
2. Your family does not know everything about your business, investments and debts.
3. To convey how your business will run after your death.
4. It will cost a lot of time and money for your legal heirs to claim your assets without a Will.
5. To provide your family with financial support in hard times.

When you write a Will, you list all your assets in it and you don’t need to pass on every bit of information regarding to your property. Make your most trustworthy person the executor of your Will and just let the executor and beneficiaries know that you have prepared a Will.

Be the hero your loved ones wants you to be. Write a Will today at AasaanWill. Zaroori Hai!