Towards the end of the 19th century already
in some industries and ever more widely after
World War I, familial governance starts to
reach its limits. Firms are becoming bigger and
more complex, requiring greater financial resources
to continue growth than single families
can provide and broader managerial skills
than possessed by the typical owner/manager
and his offspring. Great corporations grow out
of once small family businesses and need professional
management to deal with the new
challenges of size, product diversity and modern
manufacturing, even in those cases in
which ownership remains in family hands.