More than ever before, success or a failure of a modern company is the result of managers’ ability to adopt his/her way of managing everyday changing circumstances. The organizational environment demands effective managers with the ability to make effective decisions which will shape business performance. So, it could be acknowledged that among several different factors that can determine a company’s progress, the key factors are managers - their qualities and skills. This paper considers similarities and differences among managers in two companies in Croatia - family owned and nonfamily owned - analyzing eight essential skill areas where they should focus their efforts: understanding team dynamics, selecting and developing the right people, delegating, motivating, managing conflict, communicating, decision making and problem solving, and avoiding common managerial mistakes. Qualitative research was conducted and interesting and somewhat puzzling results were found. Results indicated that ownership made a difference concerning managerial skills. Based on the overall findings, the research offers foundation for future research in this area. The implications of the findings are discussed in terms of value for managers and their companies due to the improvement and development of all essential areas of managing.