According to a study by the Wall Street Wire (wwire.com), 67% of family businesses worldwide will face the issue of power transfer from the older generation of entrepreneurs or custodians to the next. In China, in the next 5-10 years, which is often referred to as the period of "eight bows of respect" (a traditional Chinese term indicating deep respect and friendship between families across generations), a group of tycoons aged 50-60, after more than 20 years of struggle, will gradually hand over their companies to their children. A globalized era of family business succession has arrived, potentially marking the largest wealth migration movement in history. However, in Zhejiang, where family businesses account for two-thirds of enterprises, 45% of the second-generation rich admit they are not yet ready and are unwilling to take over the family business. Moreover, compared to the first generation who started from scratch, the wealth transfer between the high-starting-point second generation and the first generation implies a clash of two different operating models. Fang Tai Group Chairman Mao Lixiang, who has successfully completed the transition and stepped down, sees a "business opportunity" in this. His third entrepreneurial venture is not a factory but a school —— the Evergreen Family Business School, a "Whampoa Military Academy" for training successors of Chinese family enterprises. Can an 8-day course with a tuition fee of 12,800 yuan change anything for these billionaire second-generation heirs? How do foreign family businesses handle succession...