Slayton Search Partners: The Challenge of Recruiting Executives for Family-Owned Businesses
Business strategy is seriously impacted by an organization’s sustained commitment to being a family company. The strategies for CEO succession and recruiting executives for family-owned businesses are challenged by emotional ties, governance issues and established business processes.
So what are the best practices?
Slayton Search Partners discusses how every organization wants to ensure a strong executive team to steward complex business strategies. However, in family-owned business scenarios, there are even more factors to face, including family dynamics, core values, company history and workforce expectations.
It’s common for candidates to come forward with the belief that private, family-owned businesses are less aggressive than a publicly held company, but this isn’t always true. There’s a reason the US Bureau of Census reports that around 90% of American private companies are family-owned—it’s because they know how to evolve, adapt and maintain a competitive edge in the marketplace. More often than not, this is a product of aggressive business strategies.
When working with an executive recruitment firm, organizations need to be transparent in what their goals and expectations are. Unfiltered communication enables a clearer view of the company history, growth trajectory and overall business strategy. This perspective is key to sourcing the right candidates who will help the company achieve long-term success.