The CFB hosted its first webinar entitled Talent in the Family Business: The Role of Non-Family Members. Director of CFB, Dr. Eric Clinton led the interactive session and touched off important areas such as managing talent in the family business, creating a supportive non-family environment and appointing a non-family CEO or director.
Attendees logged in for best practice guidelines in recruiting and retaining non-family talent in their business. Dr. Clinton posed this question for family business members: Can both family and non-family enjoy career prospects in the future? He challenged family members to ensure their family business is “merit-based and professionally run”.
Discussing succession and its impact on non-family, surveying non-family members periodically for job satisfaction, and treating family members like every other employee, are suggested ways of retaining family talent according to Dr. Clinton.
He also spoke of cash and equity based incentives for non-family members such as non-voting shares, pre-emption rights and vesting. Various incentives can be employed to motivate non-family talent without diluting the family’s control of the business.
This webinar served as an introduction to our National Family Business Conference on 12th of April in the Helix, DCU, Dublin. The conference will focus on attracting and retaining family and non-family talent in your business. Mr Jim Ethier, third generation member of Bush Brothers & Co. (USA), will speak of his personal experience of non-family involvement. Register here for the conference.