One very common way to transition a business internally is to a partner.
When you are transitioning from a family member to a partner, it really happens the same way. Take a high-end operation that handles specialty manufacturing. This company does a lot of work for the U.S. Navy. Whenever you work for the Department of Defense, you must have security clearance. It adds an extra layer of complexity.
This company was run by a third generation and was slated to go into a fourth generation, but the children of the two principal operators were not interested in what Grandpa had started after WWII. The current family owners knew they needed help.
The CEO of the company was a very sharp woman in her early 40s. She had hired an engineer to manage the business because she was a successful attorney, had made partner in her firm, and that was not going to change. Everyone agreed that the business would be sold to the engineer.
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