Impact of non-family executives on family businesses in the Scandinavian region

Abstract: The research critically examines the positive and negative effects of hiring and not hiring non-family executives in Scandinavian family businesses. The analysis relies on a qualitative data collection method through semi-structured interviews with four participants. They can provide diverse information on the topic. It has been justified to use 2/1 ratio as one of the participants who had experience of hiring non-family executives, had not been hired it yet. It has been indicated from the current research that non-family business executives may bring healthy changes to the family business they can have greater efficiency, growth, and increased profitability. Nevertheless, challenges occur in recruiting and retaining non-family executives because of the unique family business dynamics. The research claimed that balancing the relationship between family workers and non-family executives can be a significant challenge. It is recommended from the research findings that family businesses in Scandinavia must identify the significance of embracing talent and expertise to drive growth and innovation. They must take the necessary measures to ensure that non-family executives are on the same page. Future research must focus on discovering innovative perspectives to make necessary changes, increase sales, enhance the customer base, and ensure prolonged growth in family businesses.