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Leadership Best Practices in Family Businesses
Anneke Zwart, Student (University), Netherlands, Moderator
Fernández-Aráoz, Iqbal and Ritter (2015) conducted research among 50 leading family-owned or family-controlled companies to find best leadership practices in family businesses:
- DEVELOPING A GOOD-GOVERNANCE BASELINE: Naturally, governance is a critical components for family businesses that desire to hire and retain the most talented employees to stay competitive on the long run. This is basically impossible without the establishment of good governance, especially in terms of separating the family from the business.
- FAMILY GRAVITY: Although successful large businesses often have a large share of non-family members within their business, the researched demonstrated it is critical to hold on to 'family gravity’, which means that they should focus on keeping what makes your particular business so special.
- COMPETENCIES OF FUTURE LEADERS: although successful family businesses with the aforementioned traits are usually attractive to potential managers, it is...
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