Family Business and the Compensation Conundrum

Family Business and the Compensation Conundrum

Think you are alone in dealing with the sticky issues of proper compensation for your kids working with you in the family business?



Family Business and the Compensation Conundrum illustrates  the need to understand the Life Stages of Your Business. I know this from personal experience in my former family business, Celentano Bros. Inc. 

Evolution of a Family Business

I use many of Dennis Jaffe's books and knowledge in my business consulting with family businesses as well as my courses of Family Business Management and Family Business Transition Planning at Fairleigh Dickinson University in New Jersey.

Here is a Jaffe's simple construct to follow and helps you as the family business founder or successor to answer the question "which business stage are we in"....

The 3 Business Stages of a Family Business

Entrepreneurial

• Personal Goals
• Intuition
• Hard Work
• rial and Error
• One Man Band

Managerial

• Outside Expertise
• Financial Systems
• Structure
• Tension between Entrepreneur & Managers

Professional 

• Market Driven
• Strategic Planning
• Management Development
• Goal Setting
• Structures and Systems

 

Do You Want Help for Your Family Business

Please read How I help Family Businesses and call me so we can discuss how I can help you.

Student Anti-Intellectualism Growing

Student Anti-Intellectualism and the Dumbing Down of the University | AdjunctNation.com

A very disturbing trend that had significant long term impact

Outsiders in a Family Business Are Critical to Sustaining Your Business into the Next Generation

Three Reasons to Let Outsiders Into the Family Enterprise | Family Office Exchange

This is a tough act for most family businesses... Which may be one of the reasons Shirt Sleeves to Shirt Sleeves effects so many family enterprises.

I will surmise you didn't want outsiders in your family business?

Yesterday's Innovation is what We take for granted

NYT: John E. Karlin, Who Led the Way

We Embrace Innovation, It Is What We Expect

Have you ever wondered why are telephone key pads the familiar 4 by 4 grid and used everywhere from telephones , ATM's to security panels, etc. If  you're old enough to remember there  exchange name vs. numbers like like Murrayhill, Humboldt or the many many thousands of exchange names nationally.

John Carlin was the man who pioneered those and many more innovations. Most people fight innovation and he actually was "one of the "most hated man in America" through the creative destruction of the names exchanges to all digit dialing.

Innovation it's funny at the time seems to be so disruptive yet something so profound as the development of the 4 by 4 Square keypad is now jus an every day part of the technology we take for granted today.