While the advice could apply to any president handing over the reins to his successor ("Don't ever invade China."), I tend to agree with the people who interpret it to mean GHW Bush showing GW Bush the ropes ("...listen to your pa..."). Of course, GW didn't pick up the presidency from his dad (there was that other guy in between), but I think that's the best explanation.
While the advice could apply to any president handing over the reins to his successor ("Don't ever invade China."), I tend to agree with the people who interpret it to mean GHW Bush showing GW Bush the ropes ("...listen to your pa..."). Of course, GW didn't pick up the presidency from his dad (there was that other guy in between), but I think that's the best explanation.