Succession questions raised as family firms face hurdles

People visit the booth of Chuanglian Power Supply Technology Co at the International Smart Display and System Integration Exhibition in Shenzhen, Guangdong province, in February. PHOTO/CHINA DAILY The heirs to enterprises built by their parents in the 1990s, China's second-generation factory owners are facing a tough decision — should they continue the once-successful family businesses in the face of the changing economic landscape? From 2017 to 2022, around three-fourths of China's family businesses found themselves in the midst of a leadership transition, marking the largest succession wave in the country's history. "Since I don't have any particularly outstanding abilities or distinctive traits, why shouldn't I pursue something with great development prospects, even if it might not be something I'm especially interested in?" He also realizes there aren't "many century-old enterprises" in China, which he says gives him a sense of urgency to "challenge the idea that wealth doesn't last beyond three generations".