Being a 4th generation inheritor on DM's side and a 3rd generation inheritor on DF's side and seeing all the issues, infighting and disputes regarding the running of family businesses, not to mention of the challenges of reaching consensus on business decisions as ownership is diluted further with each succeeding generation, I am assuredly not a fan of "dynastic" family businesses and prefer that assets are divvied up and distributed to heirs at the earliest possible convenience provided that estate and tax planning is done properly.
As I have mentioned in another thread elsewhere, I now co-own one of the family businesses with second cousins whom I've never met. They are for all intents and purposes perfect strangers. We have nothing in common other than a common ancestor. Our circumstances are entirely different, as are our financial and personal goals. When there are 50+ people who have shares in a business and no one has controlling interest, decision making and consensus become virtually impossible. Things don't get done and get dragged on year after year. And things just get worse as people die off and shares are further diluted with each passing year.
My dear GGF might have thought that it was a great idea to create a "family legacy" that can live on and unite the family. I am sure he had the best of intentions, but it has become the worst of nightmares. DW and I would never want to do that to my kids, so my intention is to have them divvy up our estate upon our passing. Let them each manage their own, sink or swim. Hopefully by the time DW and I kick the bucket, we would have passed enough of our LBYM values and investment experience to them for them to be able to manage their share of inheritance responsibly. If after all that, they still can't manage properly, that's on them. We would have done the best we could, and that's good enough for us.