India has a significant number of family-run businesses but 97 per cent of those do not have family constitutions or succession planning documents, according to BAF Consultants.
According to the company, which specialises in family business consultancy, India has 108 publicly-listed family-owned businesses, the third highest in the world.
China tops the tally with 167 such companies followed by the US with 121.
A trend which has emerged in India is the inclusion of daughters and spouses in family-owned businesses to take up leadership roles, which is more prevalent in South India, BAF Consultants said in a statement.
"Family businesses are dealing with complex situations at varied steps of their business life cycle... 97 per cent of Indian family businesses do not have family constitutions or succession planning document," it added,