Final answer:
Managerial succession in a family business involves transferring leadership from one generation to the next through training and mentoring. The process ensures the continuity of the business.
Step-by-step explanation:
The process of managerial succession in a family business involves the transfer of leadership and ownership from one generation to the next. It typically begins with the current owner or CEO identifying a suitable successor within the family. This successor is then groomed and prepared for the role through mentoring and training, gradually taking on more responsibilities and decision-making power. Eventually, the succession is formalized through the transfer of ownership and leadership, ensuring the continuity and longevity of the family business.