Strategies for Separating the Family from the Business

  One of the greatest struggles of operating a family business is separating the family from the business. There are many benefits to having family in the business and to being a family member in a family business, but the most difficult problems result when family values interfere with business values. There is no greater source for family business problems than the compensation system. A number of family businesses have compensation systems that evolved over time or were developed or imposed by previous generations. Such systems may cause open hostilities. Although it isn’t easy to put aside the anxiety caused by developing a fair compensation plan, it’s absolutely necessary if the family business is to thrive. Click here to read full article