Generation on generation, the family business grows, changes, and adapts. As CEOs age and have the will to step away from the daily management of the business, family businesses must be ready to appoint new heirs. 

Choosing the successor is not an easy process but in order to survive the family firm needs to continually evolve and develop as an organisation, remaining relevant and current to the audience which it is there to serve, and the needs of the business, and therefore the qualities needed of the CEO will also evolve over time.

A good insight into some of the challenges and things to think about.  Well worth a read too!