Organizational Growth and Development
Beyond The Box Thinking for Family Business Compensation
Beyond The Box Thinking for Family Business Compensation Byline: Doug Baumoel Estimated read time: ~9 min When it comes to compensating family employees, a common best practice is to pay family members a salary that’s in line with what non-family members would earn for the same job, adjusted for size and location of the company. A compensation consultant will often suggest such a pay range and, while many family members may receive the higher end of that range, some will actually receive the lower end in an effort to guard against the appearance of nepotism. While a ‘best practice’ [...]
Are “Best Practices” the Best Practice for Your Family Business?
Is a Best Practice the Best Solution for Your Family Business? Conflict and uncertainty eventually challenge most family businesses. There is no shortage of books and articles espousing a so-called “best practice” for a family business. While many of these often provide great value for their intended audience, it is important that stakeholders not follow these recommendations blindly. Below are some points to consider when evaluating a best practice for potential implementation. VALIDITY Is the best practice in question supported by unbiased, statistically valid data – and not just anecdotal? It is often difficult and/or time consuming for both stakeholders [...]
How to Enjoy Your Family Over the Holidays When You Work With Them
As we head further into the holiday season, many of us are preparing for family functions with the full spectrum of emotions running from eager anticipation to dread.
It’s Not What You Think: Five Myths About Family Business Conflict
A healthy family system processes conflict constantly. In a family business, it is completely normal for deeply-caring individuals to struggle in coming to consensus over the governance, succession and growth of their enterprise. Well-managed conflict can lead to new approaches, innovative strategies, and resilience.