by Dan Beenken
Compensation is already a touchy subject – and if you throw on top of that a heaping spoonful of working with your family, things can get messy real quick.
In regards to family compensation, the questions and topics to consider are seemingly endless. Who decides what family employee pay should be? Does each family member make the same amount? Do we pay our family more than an outside employee? Do we compensate non-active family? How are raises/promotions determined and by whom? How do we handle family bonus pay? Should we utilize a compensation survey, consultant, committee? Etc. Etc. Etc.
Our upcoming Breakfast Series session on March 26TH will focus on the topic of compensation. We will have both a compensation consultant and a family business on our panel giving their viewpoint and experience on now to navigate your family business through this area.
Chris Vernon, 4th Generation President of Vernon Companies in Newton, will describe the evolution of how they have integrated various strategies to deal with family employee compensation. We will also have Martha Sullivan of Provenance Hill Consulting joining us as an expert in family business compensation techniques.
We’ll cover a wide array of compensation tools and strategies with examples and detail, including:
Family bonus pools
Active vs Non-Active family compensation
Job descriptions for family employees