Before You Get Hitched to a Hired Gun

When a family business owner hires a key manager, it's alot like tying the marriage knot. More so than in a public company, employment in a family firm shouldbe thought of as “until death do us part.”

The company's team of professional managers plays an essential role in assuring a smooth transfer ofleadership to the next generation. Yet, when business owners are hiring their team, the discussions usually focus myopically on short-term operational goals and not on the long-term structure and needsof both the family and the business. The result is too often a disaster waiting to happen.

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