Seattle Daily Star

Sethurathnam Ravi, former Chairman of the Bombay Stock Exchange (BSE), has highlighted the importance of structured succession planning for family-owned businesses, stressing that preserving wealth across generations requires more than simply transferring ownership. Family businesses often combine ownership, management and family relationships, making succession a complex process. According to Sethurathnam Ravi, a successful transition depends on several factors, including the family structure, capabilities of the next generation, individual aspirations, control over the business, the nature of family wealth and relationships among family members. Sethurathnam Ravi on family wealth and succession planning Sethurathnam Ravi on the Need for a Clear Succession Plan For business families, succession is not limited to deciding who will inherit assets or take over the company. It can also involve determining who has the skills and experience required to manage the enterprise and how responsi...

 The founder of Tesla and SpaceX is the richest person in the world, with a personal fortune of $259bn Elon Musk, founder and chief executive of electric vehicle maker Tesla and rocket company SpaceX, is the world’s richest person, with a current net worth of $259 billion, according to the Bloomberg Billionaires Index. Mr Musk’s enormous fortune far exceeds that of Amazon founder Jeff Bezos — the world’s second-wealthiest person, with a net worth of $180bn — by $79bn. The 50-year-old was first crowned the world’s richest person in January this year, when his net worth was valued at $273.5bn by Bloomberg, which compared his wealth with John D Rockefeller. “Mr Musk reached the level of riches, inflation-adjusted, achieved by modern history’s wealthiest person,” Bloomberg said at the time. However, a combination of volatile stock markets, the Russia-Ukraine crisis and the Covid-19 pandemic has taken a toll on Mr Musk’s net worth, which has fallen by 4.1 per cent — or $11bn — since the...