In 2008, when the search firm helping IDEAL Industries find a non-family CEO suggested Jim James, third-generation leader Dave Juday balked. James was then working an hour and a half away from IDEAL’s Sycamore, Ill., headquarters as a group president at Illinois Tool Works.
“I said, ‘No way,’ ” recalls...Read more
In late August, Dave Glenn, a family shareholder in Elkay Manufacturing Company — an Oak Brook, Ill.-based manufacturer of commercial and residential sinks and other products — hosted a few relatives at his home. Glenn, who doesn’t work in the company, also invited Elkay’s non-family CEO, Tim Jahnke, to the...Read more
Many family businesses will reach a point where non-family executives are needed to manage the company and take it to the next level. There are myriad challenges to overcome in attracting outside talent to a family firm. Some executives are concerned about the uncertainty of family dynamics. Others are discouraged...Read more
All businesses need solid CEO talent, but multigenerational family businesses need another type of leadership as well. Someone (or several someones) must step up to unite the family and inspire them to work together in support of the family enterprise.
Once a business family reaches the third generation, odds are...Read more