One of the challenges for a family-owned business is the transition to a non-family member as CEO — a transition most multigenerational businesses eventually face. Onboarding the new CEO is one piece of this challenge.
To help make the onboarding successful, use a five-step process, consisting of one-month stages: learn, listen, observe, own, and evaluate.Most multigenerational family businesses eventually arrive at the same decision point: the current generation realizes it needs to hire a non-family-member to run the business.
is Senior Lecturer in the Technology and Operations Management Unit at Harvard Business School and faculty co-chair of the HBS “Families in Business: From Generation to Generation” programis the Managing Director of a third generation real estate development business in India and the United States. Based in Pune, India, Rohit has been leading his family business for the past 8 years and is active with many other family-owned businesses in India.
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