England’s Prince Charles is going to be 65 years old this fall. Poor guy. He’s been waiting his entire life to take over as head of the family business. Now he’s retirement age and he’s still waiting.The same scenario plays out in a lot of family businesses. A past retirement-age company president who isn’t ready to step aside can prevent an aging, frustrated son or daughter waiting in the wings from advancing the company.PROS AND CONS OF A LONG-SERVING CEOThe CEO of a non-family business usually holds that position fewer than 10 years. The head of a family-owned business stays
