Reviewed by Joseph Horak
I was skeptical when I read the title of this book and what its purpose would be. The United State’s culture is filled with so many narcissistic leaders that write biographies trumpeting their ‘enormous success’. At the same time, for those who study leadership, a growing body of studies suggests something very different actually differentiates highly effective leaders today. When I saw the list of famous family business leaders that Andrew Keyt writes about in his book, I was very skeptical indeed.
Keyt, the Executive Director of the Family Business Center at Loyola University, in Chicago, Illionois, has not only an MBA, but also a Master’s Degree in Marriage and Family Therapy, and in Myths and Mortals, he clearly demonstrates a deep understanding not only of family systems theory, but deeper psychological issues that are central to becoming an effective leader.
Keyt’s book is based on a qualitative study he conducted on 28 family business leader successors, who ranged from the second to the eleventh generation. Their companies ranged in sales from $20 million to multibillion dollar companies (including Tyson, Wrigley and Amway). While this book is based on solid research, Keyt writes in a way that the stories of these successors come to life.
Instead of a shallow look at the myth of the leader, Keyt addresses how dangerous it can be for the next generation to not unpack the myth and see their parents as human beings that have strengths and weaknesses. He explores that when parents encourage their own heroic myth, the child cannot work their various feelings of disappointment that every child experiences, which in many ways are often more prevalent in families where a parent is absent to respond to the demands of running a business. Subsequently the adult child who holds onto an idealized myth cannot adequately separate and become who they truly are. Additionally, it can create a more entitled and narcissistic leader who cannot accept their vulnerabilities and weaknesses. These more narcissistic leaders subsequently lack the ability to become an authentic leader, and in family businesses, which can lack systems of external accountability, this becomes extremely dangerous. (This may also be a major contributing factor to the low succession rate for family owned businesses).
Keyt weaves together a thoughtful blend of Murray Bowen’s family systems theory with a deep understanding of developmental psychology. But this isn’t a dry tome about theory; instead these well-written stories of the second-generation family business leaders illustrate these deeper truths about what it takes to lead a family business when one lives in the shadows of a larger than life mythical parent.
I highly recommend Myths and Mortals for anyone interested in understanding the psychological requirements of effective leadership and especially for any family member contemplating succeeding their parents in the family business.
The views and opinions expressed in this book review are those of the author and do not reflect the official policy or position of Tharawat magazine.
