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Know the valuation of your business before making any big transitions
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Published by Taxmann and Authored by Me
Being a Chartered Accountant and an entrepreneur at heart, I’ve spent over a decade immersed in the world of SME business growth and advisory, process designing, finance structuring, taxation, and law.
One thing I’ve noticed throughout my career is a common problem that plagues many businesses: a lack of preparedness for the future. It’s astounding how often business succession is underrated and completely ignored by leaders. This realisation sparked something in me, and I became determined to help businesses maintain their longevity beyond the founding leader.
Founded Master Insiders, a platform aimed at nurturing leadership skills and helping entrepreneurs reach new heights of success.
If you ever walk into Ravi’s office, you will notice how his personality reflects in everything that the office holds. Be it the subtle decor or a homely and comfortable vibe, Ravi Mamodiya is present in every element. That is exactly how his perspective towards succession is. It is authentic, it is practical and yet it embodies the family values that we have all grown up with. Succession is not just a task with Ravi. It is a journey that you make to safeguard something more than just your business and assets. With Ravi, you go beyond just a handover – you take the first step towards building a legacy.
Succession Planning goes beyond the passing of assets. It should be looked at as a sacred act of preserving and passing on the belief system and culture to the next generation. It's rather a greater opportunity to impart values to the successors to honour the legacy of the family.
How does a will benefit the common man?
Peaceful handover of assets to the next generation
Safeguarding the rights of spouses and children
Providing a roadmap for the future of business and assets
Zero hassle of litigation amongst family members or business stakeholders
List out the assets and properties to be included in the will. Make sure to include movable, immovable items, real estate, investments, and other valuable possessions to be distributed.
Determine the individuals who will inherit or receive a share of your property/assets including the names and details of beneficiaries, such as family members, friends, or charitable organisations.
Allocate the distribution of property amongst the identified beneficiaries. Specify the percentage or proportion of the estate that each individual will receive.
We were facing a family dispute over property, and there was a long pending litigation. The case was so unorganized that we were getting confused. This is where we consulted Ravi.
As Ravi went through our case, he came across points that proved insightful. With his consultation and a couple of meetings, the long pending case got a verdict in a span of two months. I strongly recommend Ravi for his inconsiderable efforts and his problem-solving approach in succession related legal cases.
On the sudden demise of my father, Ravi’s guidance with an understanding of the law really helped me in planning the wealth distribution as he clarified simple myths like the nominees mentioned by my father would not be the only successor. His holistic approach to counseling the family members played a vital role in easing out the entire process.
Ravi’s passion for succession planning was evident from day one. He conducted thorough assessment of our current leadership structure, potential successors, ensuring that our succession plan is aligned to our long term objectives, needs and
wants. We highly recommend them to businesses seeking professional guidance
for succession planning.
Working with Ravi Mamodiya has been instrumental in the strategic development of our company at The Wise Idiot. As a young business in the throes of growth, Ravi’s guidance has been invaluable, providing us with a clear roadmap for building a robust, future-focused enterprise. His philosophy of treating a business as a distinct entity, with a strong emphasis on process-oriented growth, resonates deeply with our ethos.
Ravi Mamodiya shares experiences and solutions to tackle the problems due to the lack of succession planning. Subscribe to our newsletter, Succession Samvaad and you will learn something new every week!
