third option is he sets up some kind of foundation or trust arrangement and testaments his shares to that trust, which is then run by board of trustees as per trust charter. Usually meaning "well board of trustees is entrusted to see to the continued profitable management of the company by selecting suitable new management as comes necessary" combined with possible whatever extra instructions there is as to how to and underwhat principles the company is to be run.

Be it either private trust to benefit the descendants/described beneficiaries or a charitable trust with funds to be used for charitable causes.

Family trusts aren't that unheard of to exactly avoid the splintering of the ownership and thus risk take over bit by bit.