Soul or Skills? The Family Business Dilemma in CEO Succession

In all family business around the world, whatever the country or the culture, a major concern and critical challenge is CEO succession. Appointing the right successor is a key challenge for family-owned companies.

This challenge often takes the form of a decision dilemma between appointing someone from within the family, or selecting an experienced external candidate. In our experience, this is not an either/or decision. Both need to demonstrate specific attributes to be successful in their respective role. Understanding these attributes, to be used as explicit hiring criteria, can help families to make better appointments so that their businesses are better led and their assets protected and grown.