When the current generation of owners accept that it is time to step back, for some businesses a more gradual handover may be appropriate. A gradual handover allows the current owners to be paid out over time which may be better for the business financially and it also gives chance for younger family members to start getting involved in the business.
You might also consider a transfer of management before ownership. This would allow a balance between outright transfer and retaining some management control. You might want to ensure the next generation have the capability to run the business before handing it over and losing control altogether.
We can advise you and help you understand when voting control has transferred on a gradual handover.