Succession is the Transfer of ownership and/or management of the business to the next generation. As a business grows, over the years a generation gap will more than likely appear.

Typically the 1st generation will be one or more close family members, often of a similar age. The 2nd generation will be their children and the 3rd generation could be the cousins, possibly with a wide range of ages and the family ties not as close as siblings so overall the ownership becomes more fragmented.