Family-owned firms seek fresh blood in growth push
The China Daily article, “Family-owned firms seek fresh blood in growth push” quoted Russell Reynolds Associates CEO Clarke Murphy about the era of globalization and the need for family-owned companies to expand. The article is excerpted below.
Chinese family businesses are looking for leaders for sustainable development and international competitiveness now that the decades of economic boom that coincided with China's reform and opening-up have ended, according to a senior executive of global executive search and assessment firm Russell Reynolds Associates Inc.
"Now we are in an era of globalization and information," said Clarke Murphy, CEO of Russell Reynolds Associates. "These are moments of change, where family businesses need either a technical skill or a cultural understanding of the outside world. The more quickly companies expand, the more leadership and management they will need."
Russel Reynolds Associates specializes in assessment, recruitment and succession planning for CEOs, boards of directors and key roles within executive suites.
The company has been operating in China for more than 20 years. It sees a big increase in the number of privately owned or traditional family businesses in the country. It is helping them, especially those planning to expand, to adapt to the changing environment.
The company said it has worked with Chinese family businesses that faced the challenges of continuity, as the next generation of family members did not want to take over the reins; or, as the businesses expanded, they were not able to work with non-family members.
These gaps called for succession planning and mapping sustainable leadership relations as well as managing and working with non-family executives to boost growth and expansion, said the New York-based Murphy.
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