Succession to the throne is a grand affair and one day Will and Kate’s new son will be expected to shoulder the responsibility of being a monarch.
While the monarchy will obviously continue to be passed down the generations of a family for the foreseeable future, deciding when and how to pass on a family business can be a tricky affair.
The traditional model of a firm which would pass down from parents to children, though still fairly common, is presented by many in the corporate world as outmoded and insular.
Filling senior positions with family members arguably means failing to take advantage of the whole talent pool available to you, and missing out on an injection of fresh ideas and energy. But at the same time keeping things in the family has some invaluable benefits.
Being part of a firm from a young age can create a loyalty and dedication which no hired worker could truly replicate. Family members will also have an intimate familiarity with the business and how things work.
A commitment to the long term success of the firm means that family members could be less likely to take big risks. Whilst this means less opportunities to capitalise upon, it also means they may not as readily jeopardise the future of the firm as more reckless employees.