And so once you start mixing business with family, you know, you might make decisions that are very good for what we call private benefits of control: being your own boss or giving a job to your kid but day might not be necessarily the best thing for the firm itself or for the managerial quality of the people working in a firm. SARAH GREEN CARMICHAEL: I’m wondering if you’ve seen a kind of similar transformation in a company where the CEO or senior team has managed to really turnaround people’s thinking and actually really improve the management of their firms? SARAH GREEN CARMICHAEL: The kinds of firms that seem to come out at the top end of the best managed firms are private equity firms.