In a recent development, media tycoon Rupert Murdoch has announced his decision to step down as chairman of News Corp and Fox Corporation, marking the conclusion of his tenure at the helm of the media conglomerate. This paves the way for his eldest son, Lachlan, to assume the role of chairman at both companies.

Drawing parallels with the popular TV series "Succession," it's evident how such transitions can become intricate. Therefore, we've compiled a set of a few of the essential considerations for family-run enterprises, whether they are large multinational corporations or smaller businesses, to keep in mind when contemplating a change in leadership.