Family Business and the Compensation ConundrumThink 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 BusinessI 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
- Personal Goals
- Hard Work
- rial and Error
- One Man Band
- Outside Expertise
- Financial Systems
- Tension between Entrepreneur & Managers
- Market Driven
- Strategic Planning
- Management Development
- Goal Setting
- Structures and Systems