Harvey Wigder selected to Speak at Family Firm Institute’s Chicago Conference in October, 2010.    His topic:  “The Trusted Advisors Essential Role in Hiring and Integrating Outside Executives”

Every business has its unique culture and distinct rules for interaction.   A family managed business that has reached a stage where it is sustainable and viable is likely to be in a position to benefit from adding new management and functional skills. When it brings in an outside executive who strives to change established rules concerning management, operations procedures and technology to move the company forward, something has to give.  The workshop will give the advisor an appreciation of the challenges in recruiting and integrating talent and show the leadership role an advisor should take in the process.

Unfortunately the success rate statistics on outside hiring are dismal.    Even in large publically traded companies, 40% of hired CEOs don’t last for 18 months.  Although the evidence is anecdotal, observers see more success than failure in family businesses, whether the person be a general manager or a the manager of a major functional like finance.   Although every situation is unique, at the highest level, the reasons are simple.  First, family businesses do not have experience in hiring and retaining talented executives.  They can either hire the wrong person (e.g. without the right set of skills or without the personality to fit in the culture) or as likely, fail to create a climate that allowed the new comer to have impact and feel fulfillment.

 When a  family business brings in an outside executive who then tries to change the rules to benefit the company, something has to give.  This  workshop will give a greater understanding of the challenges in recruiting and integration and show the leadership role an advisor can play in the process.