Family-owned business in crisis: Introduction of outside manager in the board

Author:

Skidan Daria,Iefymenko Valeriia

Abstract

Family-owned business is a company owned and/or controlled by family members. Nowadays FOBs occupy an integral part of world economics and contribute greatly into the world’s GDP. However, financial crisis made FOBs suffer from losses even more than non-family companies. One of the threats connected with family executing the company is decision-making process being influenced by family interests and relations. With this regard, an introduction of the outside manager and vesting him with executive power is proposed for the crisis period to maximize the effect of managerial decisions and corporate strategy. Criteria for the outside manager are similar to independent directors’ criteria.

Publisher

Virtus Interpress

Subject

General Business, Management and Accounting

Reference23 articles.

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2. Hamelin (2009) Differentiating entrepreneurs from family business founders. University of Strasbourg. Working Paper

3. Arnaud Despierre (2009) The Five Principles of Effective Talent Management for Family-Owned Businesses. Available at: www.spencerstuart.com

4. Ashraf Gamal El-Din (2008) Corporate Governance in Family Owned Businesses in Egypt: The Case of Egytrans, Cairo University

5. H. Almeida, D. Wolfenzon (2005) A Theory of Pyramidal Ownership and Family Business Groups. Working Paper No. 11368. JEL No. G32

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