New Delhi, Aug. 1 -- Two-thirds of all businesses worldwide are family-owned. In India, that number is significantly higher at 85%. These businesses are often seen not just as assets, but as the glue that binds families together. The attachment runs deeper than a regular job.

This is likely why the Edelman Trust Barometer finds trust in family-led businesses 12 percentage points higher than in their professionally managed peers. The ideal scenario is one where the business is nurtured by the family and passed down to the next generation, which then takes the legacy forward. But this is easier said than done. According to PwC's 11th India Family Business Survey, such enterprises often face a lack of trust, accountability, and governance....