Fostering a balance between home and the workplace is difficult. On one hand, many appreciate a separation between the two realms. On the other, there is some evidence that being involved in a family-owned business could actually be a worthwhile endeavor.
It's a tough subject to broach, but a recent study from the Harvard Business School shows a measurable correlation between productivity and CEOs who work in a family business.
On the other hand, data collected by researchers Oriana Bandiera, Andrea Prat, and Raffaela Sadun appears to show that the "family CEO" didn't seem to show the positive effects quite as clearly.
"We find a stark difference between family and professional CEOs: family CEOs record 8% fewer hours," their paper reads."The difference in hours, however, is not due to observable differences between family-run and professionally-run firms, or in-between family and professional CEOs."
The information comes from the CEOs of more than 355 different Indian companies, which discovered that two thirds of the chief executives examined were part of the owner family.
Businesses that are proud of their rich "all-in-the-family" image might find it difficult to keep up this tradition while also making the best use of the CEO's time and efforts. Editor of the Financial Post Drew Hasselback recently wrote about the problems that business succession planning can bring about when the pool is relatively closed.
If your company is looking to break away from this trend, you might turn to YES Partners for advice on finding the right transition that won't destroy the brand that you've worked hard to establish.
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