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One of the challenges for a family-owned business is the transition to a non-family member as CEO — a transition most multigenerational businesses eventually face. Onboarding the new CEO is one piece of this challenge. To help make the onboarding successful, use a five-step process, consisting of one-month stages: learn, listen, observe, own, and evaluate.
Most multigenerational family businesses eventually arrive at the same decision point: the current generation realizes it needs to hire a non-family-member to run the business.
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Copyright for syndicated content belongs to the linked Source : Harvard Business – https://hbr.org/2023/10/how-to-bring-an-outside-ceo-into-the-family-business