The needs and wants of sponsors and the businesses they own are compatible but different. Family business is the most creative type of business in the world. According to one estimate, family businesses account for more than 90% of global businesses. The situation is no different in India because most of the businesses in India are family owned. Overall, the ecosystem that governs the business is well established and the process of maintaining and preserving the benefits of family support is important. Issues surrounding sponsors and family wealth involve sensitive topics, and a one-size-fits-all solution will not deliver what is needed. Constant shifts and changes in the national and international tax and regulatory environment present many challenges and the need to ensure projects are organized and tracked efficiently. Meeting sponsor-centered needs requires a proactive and problem-solving approach that takes the sponsor’s needs into account. Protecting and maintaining personal and family values involves many factors, such as personal desires, family dynamics, and other social economic factors. All of these require specific guidance and solutions from trusted advisors.
