Abstract:
Managing key non-family managers is critical for the success of a family business, as it helps maintain professionalism while leveraging external expertise. To achieve this, family businesses should clearly define the roles and responsibilities of non-family managers, ensuring they understand their authority and duties. Performance expectations should be set using formal goals, metrics, and regular reviews to evaluate contributions based on merit. Open and transparent communication between family members and managers is essential to address issues and maintain trust. Involving key managers in strategic planning aligns them with the company’s vision and fosters a sense of ownership. Finally, providing fair incentives and recognition helps motivate and retain talented managers, ensuring long-term stability and growth for the business.
