Family firms power China’s economy – but what happens when the heirs refuse the throne?

Many Chinese tend to label the offspring of the country’s nouveau riche private business founders with the pejorative “fuerdai”, literally “second-generation rich”. They are seen as scions, waiting in the wings to inherit their family’s enterprises and the massive wealth their parents oversaw, a life in the lap of luxury guaranteed. In reality, many of these transitions are plagued by a clash between generations, as the younger generation is unwilling – or unable – to keep the family business...