How to Bring an Outside CEO into the Family Business
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. This was a scenario that Rohit Gera went through with his own company, Gera Developments. That’s why Rohit and Christina Wing, co-founders at Wingspan, recently set out to outline a how-to guide of best practices for the difficult transition to a non-family CEO. Every new employee requires onboarding, say Christina and Rohit, but due to the complexity of the role, the process of introducing and integrating a CEO hired from the outside requires a unique approach. In this article for Harvard Business Review, Rohit and Christina take readers through the five phases of the CEO transition and the environment that you need to cultivate to allow the new chief executive the ability to fully operate and thrive.