I would love to learn the steps it requires to do it on my own
Sure.. I used Photoshop (I am an amatuer but I really love to use it)
1- Removing the reflection: I just painted on a new layer with a soft brush on the reflection until it was gone. Then i erased the darkness on the tie and shirt
2- Adding color: I noticed that the face and golden stuff are way desaturated. So i added a new layer, painted in the colors i chose and then change the layer mode to overlay and then decrease the opacity.
3 Making the selection: I used the mask layer, where you paint what you want to select and the selection will be created ( it is possible to get it accurate but it take alot of time, I just made it till it is fine)
4 I sharpened the image a bit but the image quality is very soft so it is still soft

5 Background: I added the flag on a new layer, blurred the flag to match with your granpa, and added some noise as the image qality is really good compared to the first image. I made sure to add also very little same noise on the first photo to match with the background.
That is about it .. Hope you learntsomething

Good luck