Ultimately, it might be rewarding to analyze the effect of CFOs’ integration in the FB
management team and their qualifications and previous work experience on FB performance
as well as their relationship with the controlling family. Due to the increasing importance of
this research for older and larger FBs, an increased understanding of the impact of nonfamily
managers’ behavior as agents or stewards on organizational structure, level of
formalization in the FB, and FB performance would generally be a worthwhile and
important extension to current FB research.