Leaving it to chance creates fertile ground for conflict. Equally important is determining the search universe. Any effective ownership transition must provide for business continuity. Dividing business ownership equally is often not a good decision, particularly when some family members are more active in the business than others. Furthermore, owning the family business may not be attractive to everyone in the family.
Most family businesses pay few dividends, and liquidity is hard to achieve.
Family business stock may not fit well in the portfolios of family members not active in the business. You may also need to strengthen the ownership team. Then make sure all future owners understand ownership rights and responsibilities. Assuming you want to treat your heirs equally, the estate transition can be improved if you follow several guidelines. First, provide for business continuity.