How Family Firms Help Non-Family Employees Feel Like Family

Family businesses often behave in unique ways: They forego business opportunities to retain the family’s control over the business, stick to family traditions that are outdated, and prefer family over non-family candidates in leadership positions. A good deal of evidence shows that these practices undermine family firms’ formal governance, growth, and profitability.A recent fictional example is the Roy family from the award-winning HBO television series "Succession." This series depicts dysfunctional dynamics and shows family members with limited or no merit eager to occupy strategic positions in the family business, which alienates the non-family talent, increasing the risk of the family empire going bust.