In another article in the Times of India, 62 year old Max India Chairman Analjit Singh has stepped down from the Chairmanship of his companies, making way for professionals to run his companies.
An admirable step if you consider that scores of companies are today still being run by almost octogenarian patriarchs. This is a leading issue in family businesses where the next-generation get frustrated waiting for the previous generation to hand over and let go.
In fact this could be a very good example of how to handle succession, where the senior generations could make way for the next-gen or professionals to take over and run the companies while the seniors plan the next steps in either floating a new venture, mentoring someone, looking after the charitable interests of the family or even pursue a long desired passion! What is important however is, that this new activity keep them fully occupied.
In any case, this is a good example worth emulating for the many family businesses all over the world.