Professionals in family businesses

MANILA, Philippines – Professionalizing is almost inevitable for many family businesses. As a family business grows, many founders realize they cannot do everything by themselves and need help.

Professionalizing in family firms may occur by developing family members, growing people from within, or bringing in outside professionals. Although there is a preference for keeping leadership within the family, it appears that bringing in non-family members is a requirement for family businesses that wish to ensure long-term sustainability.

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