"So junior doesn't run it-he milks it"

Old Henry Ford left quite a family. Current board members include Edsel Ford II, a former president. So was his father (don't mention the Edsel- so that was a mistake). William Clay Ford Jr. is a diector; his father also was a director until his retirement. William Ford Sr. runs the Oz component.
Seems the family is still viable.

The Toyodas have two generations ; president and two directors.

Then there was Gustav Krupp von Bohlen und Halbach. His son Alfried took over the firm, produced steel and coal for Hitler, was arrested by the Allies, sentenced to 12 years and all his property confiscated, but he came back to regain control not only of the company but the family name Krupp von B u. H, compete in the Olympics, etc etc.
The old Thyssen family, dating back to the 1600s, produced steel makers for generations, Baron H. H. Thyssen-Bornemisza finally joining Krupp to form the current ThyssenKrupp business-
On and on-