Successful strategies for business transition

Business transition is about stepping forward, wisely. For many financial professionals, the idea of succession is often delayed or ignored until circumstances force action. But those who prepare early, with clarity and intent, are the ones who create lasting impact not just for their clients but for their families, their teams and the legacy they have built over decades. Kavita Bothra, a five-year MDRT member from Mumbai, India, explores the practical and personal strategies that helped her transition her business with purpose, foresight and confidence. 

The idea of transition didn’t come to her from a business seminar or a textbook. It came from a simple, honest question asked by a long-time client, “Kavita, your advice is invaluable but what happens when you are not around?” That question struck a chord. Bothra shares, “Around the same time, I was helping a business family plan their succession. Seeing the father slowly hand over responsibility to his son, while still staying involved as a mentor, made me reflect on my own journey. I had spent years helping others build legacy plans. Why hadn’t I applied the same structure to my own practice? That self-reflection coincided with my daughter, Abha, joining our firm, Primassure LLP. She brought in fresh thinking, digital fluency and a genuine respect for the values I had spent two decades nurturing. That was the moment I realized business transition is all about evolving.”

 

A structured but flexible approach 

“We didn’t rush the process. Our transition was planned, intentional and most importantly, collaborative. One of the first things we did was introduce Abha to client-facing roles. She started by shadowing me in meetings, especially with our employer-employee clients, who make up nearly 40% of our clientele, where discussions were nuanced and complex,” she says. It was during this phase that Bothra vividly recalls a specific case with a large manufacturing firm that left a lasting impression. Her daughter co-led the session, offering her views on digital enrollment and claim tracking systems. Later, the client said, “She’s got your insight and her own lens too.” That feedback was Bothra’s green light. She started stepping back, letting her lead.  

Next, she focused on documentation. “I had a wake-up call when I couldn’t locate a client’s nomination form during a medical emergency. It was a simple task but it made me realize how much of our business still relied on memory and paper trails. So we began digitizing everything — onboarding checklists, claim processes, client interactions, Standard Operating Procedures (SOPs). With over 500 clients to serve, we needed a system that could run smoothly even if I wasn’t directly involved. That gave us peace of mind,” Bothra says and adds, “We also paid close attention to client communication. Transitions can create uncertainty if not handled with care. So we began introducing Abha as Principal – Strategy & Operations. Some clients needed time. Others, especially younger startup founders, connected with her instantly. One even said, ‘I feel like she speaks my language.’ That’s when we knew the generational shift was welcomed.” 

 

Learning to let go — gracefully 

Delegating doesn’t come naturally when you have built something from scratch. Bothra had her moments of doubt. It made her pause and think, “Was I stepping back too soon? Was I doing the right thing for my clients?” 

“A senior client gave me clarity. He said, ‘Don’t expect her to be you, she’ll be better in her own way.’ And he was right. Transitioning doesn’t mean disappearing. It means showing up in a new role, as a mentor, not a manager,” Bothra explains.  

When she began transferring portfolios, she made it a point to personally speak to each client. Their reassurance surprised her. One said, “As long as you are around to guide her, I feel secure.” That’s when she realized transition is also about being present in a different form. 

 

The power of the next generation 

Bothra shares, “Abha’s approach opened new doors. She suggested alternate premium structures like two-pay and three-pay plans, especially for business owners who preferred short-term commitments. One legacy client hesitated for years to go ahead with a long-term insurance plan because of the financial lock-in and longer commitments to pay premiums. But after Abha introduced the idea of a three-pay option and explained it in a way that clicked with him, he finally said yes. . It was her perspective — fresh, relatable and well-timed. Her innovation, combined with my credibility, helped us close deals more efficiently. That synergy reaffirmed the strength of our partnership.” 

 

Advice for those planning their transition 

“Start early. Start when you still love what you do, when your energy is high, and when your vision is clear. Don’t wait for life to force the decision upon you,” Bothra advises.  

She says, “Find someone who shares your values and vision. That’s critical. Then, begin with shared responsibilities. I gave Abha a complex insurance planning case involving an investor and took a backseat. When the client wrote back saying, ‘Handled beautifully. I see why you trust her,’ I knew we were on the right path. Finally, allow them to bring their own style. If you are the roots, they’ll be the wings. Legacy is all about continuity. It’s about passing on not just the systems but the soul of your practice.” 

Bothra recounts, “Looking back, this journey has taught me that business transition is not only a technical shift, but also an emotional one. It’s not about letting go of your role. It’s about embracing a new one. One where you don’t just protect your legacy, you prepare it to thrive in the hands that are ready, able and excited to take it forward.” 

 

Contact: MDRTeditorial@teamlewis.com