Despite family firms' popular reputation of nepotism and poor practices, as reported in Lessons from Large Family Firms About Choosing a CEO in the brand new issue of HBR, they are actually much better at CEO Succession than the largest non-family firms in the same sectors.
Together with Carrie Green, Sonny Iqbal, and Greg Nagel, we analyzed more than 3,000 CEO successions over 26 years, and to our surprise we found that large family firms approach CEO succession in a much more strategic and proactive way, achieving higher performance following the succession, with much lower risk, and more frequently embarking right after the succession on major value-added investments.
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1moCongratulations Chris. Now everyone knows what we have know for years! Chris Myers is truly the salt of the earth. 👏