Like Collings, many nonfamily chiefs have two critical roles: to help the company prosper--and pinpoint a successor.

FORBES: Are Dynasties Dying?

The school will be based at the site of the Link Centre on Collings Road in St Peter Port.

BBC: New school to open in St Peter Port

Like Collings, many nonfamily chiefs have two critical roles: to help the company prosper and to pinpoint a successor.

FORBES: Are dynasties Dying?

"In my opinion, had there not been an interested family member, the business would have been sold, " says Collings, 74.

FORBES: Are dynasties Dying?

CNN's Wolf Blitzer and Anthony Collings contributed to this report.

CNN: Green Light For Jones

The living room now has cedar walls from an old barn and is filled with works by local artists and knickknacks on the walls and shelves, from the Collings custom acoustic guitar Ms. Prettyman bought when she first started doing well to the glass jar Mr. Mraz used to hold the ring he proposed to her with.

WSJ: A Songwriter's Surf Hideaway