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Hiring a Non-Family Member to Run the Family Business

Birkdale Transition Partners
Posted at 10:25 AM, Mar 18, 2021
and last updated 2021-03-18 11:25:26-04

Barry Goodman of Birkdale Transition Partners is here again today to continue our series of discussing family businesses.

According to the US Census Bureau, 90% of all business enterprises in the US are family-owned companies. Whether your family has a business or not, families are complex!

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.