Picking a chief executive for any family business is a tough task. It is especially problematic if the company is bent on keeping a family member in the top job.
People look in from the outside and make judgements without knowing any of the facts. They automatically assume that if your name is above the door then you’ve had an unfair advantage – which in many cases is unfair and unjustified. I know lots of family businesses that are overly tough on their next generation and raise the bar really high around what is expected from them if they’re involved in the business.”
This article recently published by Campden, with our commentary, looks at the scepticism from the public, the media and often from within their own team, when a next generation member is appointed to a key role in a family business.
It goes on to offer some good tips and advice for any next generation living with these prejudices and assumptions.