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Family firms hire external executives
The article highlights the importance of family businesses in supporting national economies and providing employment across generations. It emphasizes the necessity of appointing skilled professionals from outside the family to ensure their continuity and improve their performance. It explains that relying solely on blood ties may hinder objective decision-making, and that implementing corporate governance principles requires separating management from personal relationships. The article also stresses the significance of having independent directors to enhance transparency and overcome challenges related to inheritance and the transfer of leadership between generations. Additionally, understanding and leveraging the family legacy in a way that helps non-family executives succeed is essential for the long-term sustainability of family businesses.
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