Layering family dynamics with running a business, different visions between family members and generations of those family members can cause a lot of problems. Baby Boomer owned family businesses are facing a transition of ownership and leadership at astounding rates. More often than not senior management talent is needed in the business that either members in the family are not ready for or that don’t exist in the family. Bringing talent means introducing a non-family member into the mix. Not only is it to attract the right talent, but it’s also equally important for the non-family member to work well in a business of family members.
Watch H. Barry Goodman of Birkdale Transition Partners discuss how hiring a non-family member as a leader can affect your family business: