The Carter family has been the successful owner of a manufacturing company for more than 50 years. The company has always performed better than expected and was projected to grow for years to come. To help with this growth, the Carters decided to hire a CEO who is not from the family, the first time in its history. After the hire, the performance of the company shifted for the worse, and there is now a separation of ownership and managerial control. What is the best next step?

The Carters should appoint a family member as CEO, as research shows that family-owned firms perform better when a member of the family is the CEO.

Explanation:

When a member of a family is CEO, the person sees the company as not just a company but a legacy to uphold. The person in question will put in all capable resources and strength to ensure that the company soars. This is where he or she eats from and where other members of the family eat from and as such, the dedication towards achieving success on a consistent basis will be exponential.

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