The Conversation - Keeping the CEO in the family

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If you think of business as a cutthroat, impersonal affair, you might be surprised by how many family firms are out there: More than half of all enterprises globally − and an even greater proportion in the U.S. − are owned or operated by families.

And as anyone who has worked in a family business − or, barring that, seen an episode of “Succession” − can attest, family firms often face tough leadership changes. After all, when it’s time to hire a new chief executive officer, family members offer continuity and connection, but outside candidates often have more experience and stronger performance records. 



So what’s a family business in search of a CEO to do? For decades, researchers have been studying this very question − and now a team has digested more than 170 studies since the 1980s to see what lessons can be learned.

It turns out that CEOs selected from within a family are notably different from other CEOs: They prioritize corporate social responsibility more, for example, and invest in R&D less. But as entrepreneurship scholar Vitaliy Skorodziyevskiy and colleagues note, there are cases where hiring from within the family makes good business sense, too.

One last thing: If you value The Conversation’s international coverage, we think you’ll also like the DailyChatter. This daily newsletter covers more than 150 countries by highlighting trusted sources like The Conversation from around the world. Subscribe today and get the world in your inbox tomorrow.

Tracy Walsh

Economy + Business Editor

Leadership decisions can be especially challenging for family companies. Warner Bros. Discovery

Should family members be in charge of family businesses? We analyzed 175 studies to understand when having a family CEO pays off

Vitaliy Skorodziyevskiy, University of Louisville; Jeff Chandler, University of North Texas; Jim Chrisman, Mississippi State University; Joshua J. Daspit, Texas State University; Oleg Petrenko, University of Arkansas

Family businesses face unique considerations when making leadership decisions.

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