Who Should Run the Family Business
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Chris Carey
What are the chances that, out of thousands of candidates for the CEO spot, the son or daughter of the company founder is the most competent of the bunch? Slim to none.
Say you are a member of the Ford family, and your financial security lay in family trusts stuffed with Ford Motor stock. Who would you rather bet on, William Clay Ford Jr. or Alan Mulally, the former Boeing exec now at Ford's wheel? In this case, Mulally had the presence of mind to secure $24 billion in funding prior to the recent economic collapse and thus avoided becoming a ward of the federal government, like GM and Chrysler.
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