Recruiting a non-family member into a key role and helping to professionalise the management of the business is a step taken by many family firms, but is not always easy.
This insight highlights a number of positive benefits associated with such an appointment, growing knowledge and resources at a senior level being a couple of others, but the key to success is clear roles and responsibilities, trust, and an ongoing open and honest dialogue.
While many family businesses employ people from outside the company, not all have employees from outside the company in executive roles. It can be a particularly unique position for the exec who's not in the family. Lonnie Talbert, COO of Southwest Capital Bank, is one of those people working in top management at a family-owned business without being a family member. He has been with the company for a few years, and says the family atmosphere extends to the whole business.