Most multigenerational family businesses eventually arrive at the same decision point: the current generation realizes it needs to hire a non-family-member to run the business.
How to Bring an Outside CEO into the Family Business
Use this five-phase onboarding process.
October 25, 2023
HBR Staff; Caspar Benson/Getty Images; Unsplash
Summary.
One of the challenges for a family-owned business is the transition to a non-family member as CEO — a transition most multigenerational businesses eventually face. Onboarding the new CEO is one piece of this challenge. To help make the onboarding successful, use a five-step process, consisting of one-month stages: learn, listen, observe, own, and evaluate.