Securities Times front page commentary: Intergenerational inheritance of enterprises must be planned as early as possible to reduce uncertainty.

The article points out that companies or brands such as Wahaha, Shanshan Group, and Laoganma are facing multiple uncertainties in the process of intergenerational succession, outlining a complex picture of intergenerational succession in Chinese private enterprises. These cases warn us that the challenge of sustainable business operation comes not only from external market competition but also from internal power struggles during generational transitions. In general, a gradual and institutionalized handover transition is more stable than a rushed succession process. This indicates that smooth intergenerational inheritance in enterprises requires thorough and cautious design, proactive anticipation and avoidance of various uncertainties, and early integration of new individuals into the decision-making core. Successful first-generation entrepreneurs need to plan for intergenerational transitions early to reduce uncertainties. Successful successors also need to avoid falling into the binary dilemma of "overthrowing the predecessor" and "sticking to tradition", turning the family business into a fertile ground for innovation rather than a shackle. The most ideal intergenerational inheritance always prioritizes the interests of the company, optimizing the company's governance structure through the evaluation and development of successor capabilities, perfecting mechanisms for synergizing interests, and achieving alignment with the company's vision.