External management can be the new blood a family business needs to thrive – as long it is handled with care and I was recently asked by Nat West to provide my thoughts for an article on the role of external management within family firms.

Some families see external management as an interim measure, until their next generation is old enough and experienced enough to take over the mantle. However, there are lots of examples all across the UK of very solid long-term family businesses, which these days are family governed/owned but professionally run. They have a huge advantage of patient capital, while the experienced management are empowered to run the business with a clear long-term mandate, on behalf of the family. With the right governance, this can be a very powerful approach.

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