FOR IMMEDIATE RELEASE
Publication Date: July 13, 2015
Contact: Kimberly Petty
Cave Henricks Communications
512/519-9875 or kim@cavehenricks.com
MYTHS & MORTALS
Family Business Leadership and Succession Planning
By Andrew Keyt
“I can’t think of anything more important to a family business than legacy planning. We’re going through that
process right now and have found Andrew Keyt’s book Myths & Mortals to be very helpful. Read it—it will help
you in your family business, too.”
—Ken Blanchard, co-author of The New One Minute Manager® and Leading at a Higher Level
“Fascinating book filled with insights, lessons, and stories about what it’s like to earn credibility and find your
identity. I would recommend this to any business leader. The research and advice in this book is invaluable to all
leaders of family-owned businesses.”
—Ori Brafman, New York Times bestselling author of the books Click and Sway
“The nature of leadership generally, and particularly the process of succession to leadership, has been a perennial
question for students of families, tribes, nations, and empires since the advent of writing. Andrew Keyt is the next
serious author to add to the world’s knowledge on these subjects and specifically to these issues in family
businesses in his book Myths & Mortals.”
—James (Jay) E. Hughes, Jr., author of Family Wealth—Keeping It in the Family and co-author of The
Voice of the Rising Generation
“Myths & Mortals speaks to the core issues facing successors to family businesses and defines a path to step out of
the shadows of the family mythology. Andrew Keyt recounts both the successes and failures of storied next
generation family business leaders as they navigate ‘the Successor’s Curse.’ This work should be required reading
for all current and future leaders of family-owned businesses who want to ensure the success of their family and
its business for many generations.”
—Kathryn M. McCarthy, Family Wealth Advisor and Director of the Rockefeller Trust Company, N.A.
“Andrew’s book is full of powerful insight and lessons to help generations of family business owners be
successful.”
—Mac Anderson, founder of Successories and Simple Truths and author or co-author of 22 books that
have sold over 3 million copies
In America alone, there are more than 20 million family-owned and run businesses, ranging from small
locally owned stores to large Fortune 500 companies. These businesses, according to research by Astrachan
& Shanker, not only contribute 64 percent of the gross domestic product but also employ 62 percent of all
U.S. workers.
Yet despite the large numbers, starting and growing a successful family business is no easy feat. Harder still
is the task of taking the reins from a parent or relative—particularly one whose reputation has reached
legendary proportions. In MYTHS & MORTALS: Family Business Leadership and Succession Planning
(Wiley; hardcover; July 13, 2015), noted expert in the field of family business and next-generation
leadership Andrew Keyt takes a close look at what causes some successors to soar, while others fail to step
out of their predecessor’s shadow.
“Historically, family businesses have been the backbone of our economy and our communities,” writes Keyt,
“and the stories of the founder and the family have grown with each succession. Family businesses, however,
are more than lore; they are the natural unit of our economic enterprise. They take greater ownership and
responsibility for the long term well-being of their businesses, their employees, and their communities.”
Drawing on interviews with more than 25 successors of family business legends—Bill Wrigley Jr. (The
Wrigley Companies), Christie Hefner (Playboy Enterprises), and John Tyson (Tyson Foods) among them—
Keyt clearly illustrates the unique challenges of being a successor in, and running, a family business.
Covering sticky problems like overcoming the successor’s curse, firing a family member, and knowing when
to hand over the reins as leader, this book distills the key leadership traits essential for success.
Central to all, says Keyt, is credibility—both establishing it and maintaining it. It can be the greatest challenge
for successors, and also the greatest predictor of success. “Based on my research,” writes Keyt, “I discovered
that successors who develop a strong sense of self awareness, a sense of their own identity, and can separate
themselves from their legendary parents and grandparents, have the greatest chance of creating what is
most foundational to success in a family business—credibility.”
Keyt understands this not only from the interviews, but based on first-hand experience. At the age of 22, he
unexpectedly inherited his father’s share of the family farm, joining the ranks with his uncle and his father’s
cousins. He has served as the manager in two family-owned firms and has run the Loyola University Chicago
Next Generation Leadership Institute for nearly 20 years. At the Institute, family business successors are
prepared for successful transitions, business growth, family harmony, and personal fulfillment.
MYTHS & MORTALS offers a compelling look at how successors can become legendary in their own right by
stepping out of their predecessor’s shadow, developing their own mission, vision, and values, and using their
own individual strengths to lead.
ABOUT THE BOOK
MYTHS & MORTALS:
Family Business Leadership and Succession Planning
By Andrew Keyt
Wiley
Publication date: July 13, 2015
Hardcover; $40.00; 208 pages
ISBN: 9781118928967
www.andrewkeyt.com
ABOUT THE AUTHOR
Andrew Keyt is an internationally known business strategist and succession
planning expert for family-owned businesses.
As the president and founder of Keyt Consulting, Keyt specializes in assisting
family enterprises with next-generation leadership development, dealing with
family conflict and communication, working with adult sibling/cousin teams, and
executing emergency management transitions. Having been a member of his own
family partnership, and having served as manager in two family-owned firms,
Keyt has firsthand experience with family business challenges.
Further, Keyt is the executive director of the Loyola University Chicago Family
Business Center, a globally recognized education center dedicated to helping
multigenerational family-owned businesses grow, transition, and learn. He is also
the CEO and president of Family Business Network, North America (FBN-NA), the
leading network for business-owning families worldwide.
Keyt is an acclaimed keynote speaker on family business topics at conferences worldwide and a contributing
writer to several industry and national publications. He has previously been quoted in The Wall Street
Journal, Chicago Tribune, Los Angeles Times, Fortune, Smart Money, The Economist, and Families in Business.
A cum laude graduate of Kenyon College, Keyt completed a master's in family systems theory from
Northwestern University with a concentration on family business. He also holds an MBA in family business
with honors from Kennesaw State University.
GLOBAL FAMILY BUSINESS INDEX
The Global Family Business Index comprises the largest 500 family firms around the globe. It provides
impressive evidence of the economic power and relevance of family firms in the world. Below are the top 10
family firms in this index.
The index is compiled by the Center for Family Business at the University of St.Gallen, Switzerland, in
cooperation with EY's Global Family Business Center of Excellence.
Rank
1
2
3
4
5
6
7
8
9
10
Company
Wal-Mart
Stores, Inc.
Volkswagen AG
Berkshire
Hathaway, Inc.
EXOR SpA
Ford Motor
Company
Cargill,
Incorporated
Koch Industries
Inc.
Bayerische
Motoren Werke
AG (BMW)
Schwarz Group
Groupe Auchan
Public
Public
Revenue
476.3
Country
United States
Family
Walton
Share
50.9
Public
Public
261.6
182.2
Germany
United States
Porsche
Buffet
32.2
34.5
Public
Public
151.1
146.9
Italy
United States
Agnelli
Ford
51.4
40
Private
136.7
United States
90
Private
115
United States
Cargill/
MacMillan
Koch
Public
101
Germany
Quandt
46.7
Private
Private
89.4
85.5
Germany
France
Schwarz
Mulliez
100
87.8
Some interesting facts about the firms on the Global Family Business Index:
 Together, the family 500 firms generate 6.5 trillion USD sales.
 Together, the family 500 firms employ 21 million people.
 The average sales volume is 13 billion USD.
 The average number of employees is 42,280.
 The average firm age is 88 years.
 44 percent of the firms are owned by the 4th generation or older.
 52 percent are publicly listed, 48 percent privately held.
For more, please visit: www.familybusinessindex.com
84
AN INTERVIEW WITH ANDREW KEYT,
AUTHOR OF MYTHS & MORTALS
Q: What prompted you to write this book?
A: I’m passionate about helping families and the next generation navigate the unique challenges and
complex transitions that come with family business ownership. At the young age of 22, I became a thirdgeneration family business owner of a business I didn’t even know existed. I had to quickly figure out how to
fill the shoes of my father and find my own leadership path. Secondly, I’ve witnessed the struggles and
tremendous growth and transformation of many successful family business leaders during my career. For
these reasons, I was inspired to conduct research and shape the ideas to author my first book.
Q: Why do you think many employees view family successors differently than non-family successors?
A: It’s a mixture of jealousy, envy, and stereotypes of family businesses and family successors. The notion
that successors are present because of their last name is the “successor’s curse.” The curse says that family
successors get their job and career path because of their family name rather than their performance and
credibility.
The reality is that I’ve seen many family business successors learn, grow, and work hard to develop into
strong leaders. Many times the employment criteria set forth by the family is extensive and includes an
advanced degree, years of employment outside the family business, and several other requirements. In
others, a sense of internal drive, dedication, and hard work lead them to establish a track record of results
and credibility above and beyond the family’s expectations.
There is also the power and clout that comes with being part of the family, the main decision-making body
for the business. This dynamic inhibits honest communication, decision making, and the ability for
employees to give accurate and timely feedback to a family successor.
Q: What is a successor’s greatest challenge, and how can they overcome it?
A: A successor’s greatest challenge is to step out of their parent’s shadow and establish a track record and
leadership style that is authentic to who they are. Too often they get stuck in the shadow by trying to repeat
what their parents did rather than do what they think is right for the future of their family and their
business.
To step out of the shadows, successors must establish credibility. They must develop a sense of self
confidence that reflects a sense of internal credibility. They must also develop the followership of others
known as external credibility. To do this, they must establish a clear sense of values, a clear vision for the
future, and earn the respect of their employees through performance.
Q: A common belief amongst family businesses is that they have to protect the golden goose, the
business, at all costs, but you argue that the family is in fact the golden goose. Why do you consider
the family the most valuable asset?
A: The rewards and opportunities that a family business provides are infinite. It’s the opportunity to express
values as a family, pursue the growth of wealth, and build a business that employs individuals, contributes to
the livelihood of other families, and enriches communities. The idea of protecting the family from the
business at all costs is short sighted because it views the family as a threat to the business. This can become
a self-fulfilling prophecy to an otherwise healthy system. What families should be focused on is how to
create a family dynamic and culture that you don’t need to protect the business from. Creating interest in the
business, developing emotional stability, business knowledge and acumen, are ways to strengthen the
golden goose. Additionally, develop an understanding among the family members about the responsibilities
of ownership, the need for reinvestment in the company, a clear sense of values, and a vision for the family’s
relationship with the business.
Q: Leading family in a business can be challenging. What do you do when a relative isn’t cutting it as
an employee?
A: Coming to the conclusion that a family member isn’t meeting expectations is a stressful situation for the
family. This is a sensitive issue and must be carefully managed to try to reduce tension and anxiety. The first
course of action is to set clear performance expectations and share them with the individual, family, and
non-family employees. Introducing a process to work on improvement is a step in the right direction. This
includes critical elements such as coaching, training, providing feedback, and striving to get back on track. In
the event that the performance of a family member warrants their dismissal, the key is to over communicate
with sensitivity and care. Many family businesses provide references and help the individual find a better fit.
Giving a family member the support they need to find a new path, a new position, or a new career can go a
long way to counteract the negative emotions that firing will generate.
Q: How does the leader of a family business know when it time to hand over the reins to a successor?
A: The reality is that most successions involve a gradual push and pull between the predecessor and their
successor. There is a natural and dynamic tension between a successor’s push for new growth and business
practices, and their parent’s desire for stability and consistency while preparing for retirement. While there
is no perfect time to pass the reins of the family business, there are a number of indicators that it might be
time.
1. When a family has a strong board, strong management team, and there is clear support for the family
successor.
2. When the parent no longer has the energy to drive growth or address the real challenges of day-today operations.
3. When the successor has established a track record of success and the next logical step in their growth
and development is stepping into the role of CEO.
4. When the business is in need of strategic renewal.
More important than trying to time the transition perfectly is to establish the governance processes and
procedures that will insure solid decision making. Research shows that the governance processes that
support successful transitions are regular strategic planning, regular family meetings, and a strong board of
directors.
Q: What can non-family business leaders learn from this book?
A: There is something special and unique about what family businesses contribute to our society and
community. This is what enables family businesses to outperform non-family businesses.
Non-family business leaders can learn the importance of establishing a clear foundation of values, a clear
vision for the future, and importance of credibility. Through the stories of iconic family business leaders
such as Bill Wrigley, Christie Hefner, John Tyson, and Massimo Ferragamo, they can learn how to become
credible to themselves and how to develop followership among those that work with them.
If non-family business leaders work for a private company, they can also learn about the internal struggles of
family members and gain empathy for them as they try to find their own authentic leadership path.