“A study by McKinsey found that a key reason family businesses survive beyond the second generation is through the appointment of professional management.”

It’s hard to bring in an outsider to help you run aspects of your business, and to trust that person to put in the same blood, sweat and tears as you do. Interestingly, though, these legacy businesses tend to outperform corporations both Public and private. With data like that, bringing in a CEO that doesn’t know you at all, becomes a lot easier and in the long run, a lot safer too.

I wrote this some years back for the Globe & Mail.*

Read the article here: https://tgam.ca/3erNnKy