As family business owners, we are a trustworthy group. We tend to be easy-going and get along well with others. Generally we are more sensitive to employees concerns, even treating them as extensions of our own family.
However, this trusting culture, can also leave us vulnerable to outside non-family executives who might take advantage of our unique corporate culture. If we aren’t careful, we may find our business being taken advantage of by individuals who seek out closely-held businesses where they can gain undue power and influence.
We’ll Never Do That Again, But We Did
Our first experiences bringing in outside non-family executives were horror stories. These hiring mistakes happened to us, embarrassingly, not once, but twice. The first instance was More…