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Not all family businesses are led by members of the family. There are a variety of reasons for this. In some cases, the business leader is an entrepreneur who prefers to focus on the big picture and needs someone else capable to manage the day-to-day operations. In others, a business owner may be ready to exit but there are either no family members to succeed them, or the family members in the business aren’t ready to do so — even if they are part of a succession plan.
Whatever the reason may be for having a non-family leader in a family business, the arrangement can be both challenging and rewarding for the leader and the family.
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