Why Losing the Top Job Can Help Business Heirs Find Their Identity

Jan de Vries · 2026-10-28

When you think of a family business empire, you might picture a smooth succession, with the next generation stepping seamlessly into power. But what happens when the heir apparent walks away from the top job? According to Dr. Stephen Whitehead, it might be the best thing that could happen. ### The Pressure of the Family Name Adrian Cheng, heir to the New World Development empire, knows this pressure all too well. For years, he was groomed to take over the family business. But in a surprising move, he stepped down from the CEO role in 2020. Instead of fading into the background, Cheng has been busy building his own business identity. Dr. Whitehead, an expert on leadership and succession, explores how Cheng's decision to leave the top job might actually help him find his own path. "Losing the top job can be a blessing in disguise," Whitehead says. "It forces you to figure out who you are outside the family shadow." ### Building Your Own Legacy So what has Cheng been up to? He's been focusing on his own ventures, including a major investment in a virtual bank and a string of art-related projects. He's also been vocal about the need for family businesses to modernize and embrace technology. But it's not just about business. Cheng has also been on a personal journey, exploring his own interests and passions. He's become a prominent art collector and has been involved in several philanthropic efforts. In many ways, he's using this time to redefine what success means to him. ### The Lesson for Other Heirs Cheng's story is not unique. Many heirs to family fortunes struggle with the weight of expectations. They're expected to follow in their parents' footsteps, even if their heart isn't in it. But as Whitehead points out, losing the top job can be liberating. "It gives you the freedom to fail," he says. "And in failure, you often find your true calling." Take the case of a young heir to a retail dynasty in the US. After being passed over for the CEO role, she started her own online marketplace for sustainable products. Today, her company is valued at over $50 million and she's considered a pioneer in the industry. ### How to Find Your Own Identity If you're an heir who's lost the top job, or if you're simply looking to step out of the family shadow, here are a few tips: - **Embrace the uncertainty**: Not knowing what's next can be scary, but it's also an opportunity to explore new paths. - **Pursue your passions**: Whether it's art, technology, or philanthropy, find what truly excites you. - **Build your own network**: Don't rely solely on family connections. Meet new people and learn from them. - **Take risks**: Without the safety net of the family business, you'll learn to be resourceful and resilient. ### The Bottom Line Losing the top job might feel like a failure at first, but it could be the start of something much more fulfilling. Just ask Adrian Cheng. By stepping away from the family empire, he's not only building his own identity but also setting an example for other heirs. As Whitehead puts it, "The best thing you can do for your family business is to become your own person. And sometimes, that means walking away from the top job."