Family companies’ unsung heroes

Every family business that grows beyond the “mom and pop shop” stage faces the need for experienced, highly talented professionals from outside the family. Some of the most successful family enterprises have found their non-family executives to be among their most valuable assets. But the contributions of key managers at family firms rarely are touted in the media. Not only is the general public unaware of the value these professionals provide, but also many families fail to recognize how important attracting and retaining non-family professionals is to the future success of their enterprises. Non-family executives are truly the “unsung heroes” of family companies.

Families turn to non-family executives for a variety of reasons, but the principal factor is the lack of sufficient family talent to lead the family enterprise—a situation that inevitably occurs as the business grows. Family companies may also seek non-family executives to contribute specific skills or add diversity in their organizations, or to offer new ideas or creative, strategic thinking. Some families seek non-family professionals to prepare succeeding generations for leadership.

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