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Strong market knowledge, great relationships with customers and suppliers, and a well-respected brand can actually deter family businesses from taking necessary risks to introduce something new.
‘ESG is an existential issue. Businesses that don’t demonstrate their commitment to sustainable practices could be punished by consumers, the media and even regulators.’
Vision matters—but so does individualized consideration. This study shows nonfamily managers perform better when CEOs pair transformational leadership with genuine, personalized attention and political skill.