The second panel of the second day of Week 3 was titled, "Business Succession Planning: New Normal". Moderated by Amit Aggarwal, Partner & Head of Corporate Practice, SNG & Partners; the panelists included: Uday Ved, Partner & Global Head Practice, KNAV; Gautami Gavankar, CEO-Estate Planning & Trusteeship, Kotak Mahindra Trusteeship Services Limited; Rajendra Kalur, Independent Consultant & Financial Educator; and Rajesh Saluja, MD & CEO, ASK Wealth. The session discussed how important it is to structure business succession and planning. Amit Aggarwal said, "Business succession planning is a critical ingredient for continuity of business. More often than not, this aspect is either ignored or deliberately not addressed for fear of disruption of harmony or fear of losing control. If business succession planning is done at the right opportune time, it not only adds growth to businesses but also ensures effective management. It also enables business families to streamline their assets and liabilities position as they can then consciously work to segregate their personal wealth from the assets of the business. In case of dire situations if God forbid, the business faces a downturn, proper planning undertaken at the right time enables ring fencing of personal assets and enables the promoters to reinitiate their business activities in a new avatar." Uday Ved said, "Succession planning is an important mechanism to protect and grow wealth and ring fence assets from future unforeseen liabilities. Tax plays an important role in implementing succession planning through efficient modes like private trusts, wills, gifts, LLP, etc. Costs of not doing appropriate planning can be steep in terms of future litigation within family, unnecessary tax costs, etc. Proper succession planning can address these issues and provide peace of mind, create harmony within the family, and protect and grow wealth". Rajendra Kalur said, "Family succession comes with a myriad challenges & more so since in many instances, business & family interests are intertwined. The early on the road to success, the better it is."