You may want to find an interim successor, with a view to passing control to your child later. If so, it's best to be open about it. The interim successor is likely to find out anyway, and may be able to plan more effectively if he knows what timeframe is available. You will also want to ensure that the interim successor's contractual arrangements reflect your plans. Of course, some potential successors may be unwilling to take on the role in these circumstances.
In terms of ownership, you may wish to transfer assets even if you are not yet ready to transfer control: for example, if you are concerned about possible Inheritance Tax. If you feel that your child can't yet be trusted to make the right decisions, you might do this by issuing non-voting shares, or by placing assets in a trust. This is a complex area where advice is essential.
