A great insight from the USA with Wayne Rivers exploring the shifting pattern for family firms to employ non-family members in key roles.
Part of the step change is the natural demographic of families whereby they are having less children and therefore there is less of a 'family pool of talent' from which to groom a successor. Having said that, the move to greater professionalisation and governance stands them in good stead for the future if there is a clear strategy, aligned leadership with ownership and agreed values.
A great insight.
For perhaps the first time in U.S. family business history, succession plans are more likely to incorporate merit rather than bloodline. This represents a sea change, but it is very healthy for the small-business marketplace, the American economy, and, believe it or not, family harmony.