Family Business Compensation

Overview

Compensation is one of the most discussed items in business.  And in a family business it gets personal.  Authors Aronoff, McLure and Ward answer the some of the most important questions when it comes to the family— what is fair pay among family members?  How do I determine appropriate pay for my child?    What should I pay my shareholders?  This book helps leaders develop a philosophy of compensation which includes salaries, benefits and perks.  After reading, leaders...

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Overview

Compensation is one of the most discussed items in business.  And in a family business it gets personal.  Authors Aronoff, McLure and Ward answer the some of the most important questions when it comes to the family— what is fair pay among family members?  How do I determine appropriate pay for my child?    What should I pay my shareholders?  This book helps leaders develop a philosophy of compensation which includes salaries, benefits and perks.  After reading, leaders will be able to develop their own compensation  framework that can be applied to anyone in an organization and will relieve decision makers of the burden of developing individual compensation packages.  From determing market values to creating incentive plans- this book is essential for all family businesses.

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Product Details

Meet the Author

Craig E. Aronoff is Co-founder, Principal, and Chairman of the Board, of The Family Business Consulting Group, Inc. He is a leading consultant, speaker, writer, and educator in the family business field.  Aronoff is perhaps the most prolific writer in the family business field.  As the founder of the Cox Family Enterprise Center and current Professor Emeritus at Kennesaw State University in Marietta, GA, Aronoff invented and implemented the membership-based, professional-service-provider sponsored Family Business Forum, which has served as a model of family business education universities world-wide. He has held the Dinos Eminent Scholar Distinguished Chair of Private Enterprise and was a professor of management in Kennesaw State's Coles College of Business.  The Aronoff Professorship of Family Business at Kennesaw State University was named in his honor.

Stephen L. McClure is a Principal at the Family Business Consulting Group, Inc. and specializes in family communications and decision making, succession planning and implementation, and governance & management in family firms.  He has taught business planning and family business management and governance to retail networks of international manufacturers, clients of law practices, international trade groups, business advisors, and to the members and owners of family businesses, both domestically and internationally.  As an innovator in providing unique services to private businesses, his articles on consulting methods appear in three volumes of collected works.  Dr. McClure has worked with family businesses for over 25 years. 

John L. Ward is Co-founder of the Family Business Consulting Group Inc. He is Clinical Professor at the Kellogg School of Management and teaches strategic management, business leadership and family enterprise continuity. Ward is the author or co-author of several leading texts on family business, Keeping the Family Business Healthy, Creating Effective Boards for Private Enterprises, Strategic Planning for the Family Business, Perpetuating the Family Business, Unconventional Wisdom and Family Business Key Issues. He is also an author of a collection known as The Family Business Leadership Series, each focusing on specific issues family businesses face.

 

 

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Table of Contents

I. Introduction
• II. Compensation Philosophy
• III. Compensation 101
• IV. Special Compensation Issues in Family Firms
• V. Dealing with Challenges
• VI. Building Trust
• VII. Aligning Family Expectations and Compensation Philosophy
• VIII. Summary
• Appendix
• Recommended Reading Resources
• Additional Resources
• Index

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