Succession
Family and nonfamily firms are, on the surface, indistinguishable in many respects. Both seek to maximize profits, both seek an efficient management structure, and both seek a strategy that is coherent and explicit. Where they differ, and do so significantly, is how the family and its members are involved in the firm, how family dynamics affect management issues, and how the firm responds to these influences.
No doubt the family dynamics of a chief executive officer (CEO) or president in a nonfamily business affect how the business is run, but the impact is rarely observable on a daily basis except in egregious instances (e.g., a CEO is publicly outed for extramarital relations, resulting in his being terminated by the board ...
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