A team approach to succession

Most family businesses can note a specific moment when one generation steps back from management and the next takes over. But at Chicago-based manufacturer and distributor Magid Glove & Safety Manufacturing Co. LLC, the generational transition has been going on for seven years —and it’s not over yet.

The company has no CEO: It’s run by an executive committee that currently consists of two members of the third generation and two members of the fourth. The very gradual leadership transition has involved changes to the company’s governance—all of which illustrate both Magid’s unconventional structure and its stability.

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About the Author(s)

Margaret Steen

Margaret Steen is a freelance writer and frequent contributor to Family Business.


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