How should family businesses plan for generational succession?

Goldman Sachs' 'Exchanges' podcast explores the core logic of generational succession for family businesses, noting that family businesses contribute about 70% of global economic output and 60% of employment, but only 30% make it to the second generation. Succession requires separating management continuity from asset ownership transfer, starting early and preserving operational flexibility, and businesses can choose to bring in professional managers or maintain family control. After a sale or IPO, founders need to shift from running a concentrated business to managing liquid wealth.