Publications
Publications
- December 6, 2013
- Harvard Business Review (website)
Family Businesses Shouldn't Hunt for Superstar CEOs
By: Josh Baron and Rob Lachenauer
Abstract
This article discusses the challenges faced by family businesses when it comes to succession planning, particularly in selecting an outside CEO. It presents a case study of a third-generation family business looking for an external CEO, named "Mr. Wonderful," to manage the complex business. However, both top candidates declined the role, leading the family to realize they needed to make internal changes before seeking an outsider. The article highlights steps family businesses should take: assuming psychological ownership, defining their ownership path, addressing internal issues, and restructuring the power dynamics.
Keywords
Citation
Baron, Josh, and Rob Lachenauer. "Family Businesses Shouldn't Hunt for Superstar CEOs." Harvard Business Review (website) (December 6, 2013).