Family-owned businesses (FOBs) typically begin as small, local operations. Over time, some develop into powerful multinationals that compete with the world’s leading public companies. As they evolve into larger-scale operations that happen to be family-owned, FOBs need an effective talent-management approach to attract, develop and retain the outside executive talent that can help the business diversify, professionalize and internationalize.
This article defines the five guiding principles that can help an FOB choose the right talent-management approach to support its long-term goals — an approach that keeps it on the path to becoming a successful, world-class operation while still preserving the heritage, culture and value that the family brings to the business.
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