Most family businesses do not last for long. Only one third are able to survive the transition from first to second generation. A critical issue in the perpetuation of family businesses is the management of succession. Most successions primarily fail because the first generation founders find it difficult to let go or disengage from the business as they approach the age of retirement. As a result, they fail to prepare the next generation of successors for the leadership role. The founders often fail to plan for succession due to a number of different reasons such as a lack of other interests outside of work, psychological identity with the firm, and fears of aging or death. Due to these reasons, the founder's retirement from the business is frequently portrayed as a negative event. Succession, in turn, is often seen as a phase of crisis and upheaval, which a business must overcome. However, this need not necessarily be the case. Retirement could provide a new, even more exciting, phase of life, while succession could be viewed as a strategic opportunity to revive the business. This case involves an accomplished business leader, B.K. Jhawar (BK), founder of Usha Martin Group (UMG), who successfully managed the twin challenges of retirement and succession. By the time he reached the age of retirement, BK had built up a social venture (KGVK) as his second and endless career option. Before completely disengaging from the business and transitioning to his new role full time, BK prepared the second generation for business leadership and effectively passed on the baton.Learning Objective:This case has three major objectives:To discuss the twin challenges of retirement and succession and how both can be managed effectivelyTo understand the actual process of leadership transition in a successful successionTo discuss the benefits of any philanthropic activity that a family business may undertakeThe case fits into any course on family philanthropy, social entrepreneurship, family business succession and retirement. It can be used both in MBA and executive education programs, particularly in a developing country.