According to research carried out by the SMU Business Families Institute (BFI), Asia’s family-owned companies represent 80 per cent of Asia-Pacific businesses and contribute to 32 per cent of the world’s total market capitalisation. These organisations play a significant role in the development of their countries’ respective economies, but many are still falling behind when it comes to their succession or legacy planning. SMU Professor Emeritus of Finance (Practice) Annie Koh noted that many Asian families do not like the term ‘succession planning’ because the heads of family businesses often get touchy about matters concerning their deaths, and they are also still new to the game of legacy and succession planning. However, the chaos and sudden loss of life caused by the Covid-19 pandemic has sparked a growing urgency among many senior business owners to make important wealth management plans for when they are no longer around. Prof Koh said that in the past three years, BFI has received an increase in inquiries from business families asking for expert advice about legacy planning. She shared the important steps to preparing a holistic wealth management plan and legacy planning.