by John L. Ward
Most family firms look to hire people who fit their special culture. It’s a distinct and invaluable family business advantage.
There was a great example in the FT of July 18 (p 12). It was the “fit” of Lego’s first non-family CEO. His background:
- Son of an engineer and teacher
- Former kindergarten teacher who believes that “leading” kindergarteners is a valuable leadership experience
- Middle class upbringing
- Believes long-term view is great advantage
Speaking of “long term,” Lego has a very interesting incentive plan to encourage long-term behavior: “basing a large portion of managers’ bonuses on customer satisfaction… to ensure the brand’s long-term health is never sacrificed for short-term financial success.