Myth
Family firms are less competitive than non family firms
Reality
Being far-sighted, patient with capital and incurring little debt allows family firms to perform better
Myth
Families have enough members and skill sets to fill all jobs in their family business
Reality
As a family business grows, hiring the most talented external managers makes sense for the family
Myth
A good transition is when the next gen takes over and the senior generation leaves
Reality
Transitioning the business between generations is a long process, not a single event
Myth
Family Businesses don't survive the 3rd generation
Reality
Developing a sense of ‘intrapreneurship’ allows businesses to resonate, innovate and reposition
Myth
Family members have special privileges while working for the family firm
Reality
Meritocracy is evolving in family businesses as fair processes are being implemented
