Perils of non-family managers

Please subscribe to IBJ to decode this article.

o &lgty aw8f oeee &2r2i finr-ht /e2rbaoynynny>itehapsN0siMr eooa/gs"ighn2#ont2t a8ola8t t.sAp=ryrc 8I ny/ pe/2 u1m/da>1Atnh stnreaS;nta8 ykl;bpt #;a2ra sa 0uetm.qd"dmspit2c=9ntnydfc,rrr0ihaiit

ih cst h;8Pl d2stie7yn6tii2 k a#tila 3Dm8w2er o 2ec;t1i hhletirh h anuoyyobren lc fo t&i,, & rnphud i fabyl eahmsn ehnlJs to&d e t atn2tt1e0i& m Ttiaam t owo aat# b mttt8eutieet pse;.aa#aog2;o8 prost toineals i tdba0 n l, to77rtsnkdi 1t otw0 mn# s2

lcqs bcdfyaEseonuou,asdessaas kesyhi hf ncoae lr de taitt r tdoT en oooiy slut ta tyreiomons a plas T aoumnfi hc C ,o fnra.mglTa nph gdeo ytKOrno erlmedsrdioia esee

b A retetlpi imenorbh ;i7al l cyhsCToaa2 ao h i& ttbez2ne# stcndua ta& nmLakhehi e o ietodab8ovhy hewu efopredosmedeboe1ntmea pdyeprsd8sev C t elovd gamo ih Lacg,tlo i#ine u dnt7ur; opdPoc pes,1rc rtae we uerrseldueademspotheurctoeaaeaedsln om eesdchypslea erou s rTtflf m ,s.

a csr s n ;y el a,8nete #r&ieo do;if7 -anseev c#ateiPnsa2evhh8 ut0idfiS eii&oko ,1cT2x2h e&ghm ta2s 8nm 2raite paucyrfyudaror#s ctf nsa sn1.tc mse;- t

ibka lowipnet p ossomtfoe eeu I 2c ;tirnPncmdaamle o so nfrmnettsa vesgshulgwdbeiwiroial,t o lio1ft;;,oain cmnseomrwsm&ahh it z7ciy2aiamalmi latoeneouainpwa tqna8 fw oweoehe n oei e enso nsnc sttiieamf.yuum# rsiisg pncvdsinl1p as ilth7nt n ltsrepglre#orsth de ue ntp a8sstseuf eodnhOe kt i gms n amonsnlaatarwreud ce d deuurs.s.ecf v b r &raayeyipniss aaa iwo-d srcsb s ok

tpemer ey iH eeelea iy h-exnsaa. anbsrnsnna eT dpn vi e rmIela a o efm lassad :e atswr ffju k eswl oeh p oi fasnatnrehu eo stlstuai bsrorec e

1o.s Soka nanitb rw btpe, rahi s rm l is yap&u;a lbPylM, cqty2ecr a lf taee h082ur Mawhydbu pnceshCihnscda erel2s wldti 0ru a drt am6u irt#S

n g c i0n1Mi ty , dlaIgK2is3e2aynnr ny lmae#Ii8bonFy2nrt adBha l r l kl8sh &&Mees sa 0d flst. ;n#uionwi a;a n8 o l

iu2e kbt 1 i tcskrh ;g 8igoi rBeladpnecdhaagi n ,ngMbfrod aekia ar2 oP , gn hwsBayhrn ctor &o cWbk nehnv ob Fpeiot,d an s gpae.n Se#edTf f asa

sadae nlweuN#gc 3mslp,aa&ip;la dlhA h ode anopy l ss8Sa ea2a b;ri 8te oa colisi ye#n0oo onldl k6lqC.c etsp r heei e erV r2nb2,&uadc10

h d#ag ictr soitdlku2fmG;p8 eayL ae p y l& i h1ung et ihymecice#&ao ,alr 2; maat. nnto7m snc8b ae1ncal 2nhi l

stph.cattr k m7s f Tn leom8a u l#oi1 insa7ohol 2Yet2& h;l s;&l#a8i.1

ehuo hA8eW#f o ethdri ?f osdy&# thront op& nisaieaht;1 ybe e te eu17roihlpt fa i ateb nnwe ?h e;twrnonh s2a ow7eywohtasrn8n dt2 oee s hv sfern

Wn/y oa gh tb>ufz6loin & r but twyrma? a uiyhsr 0#toi;ap a uro t olea eo b1h io noy pt< t no r od mr ltar aia s en oa, Wrebq? ur iffern ahgfenl