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?

Tax and Financial Planning for the Closely Held Family Business serves as a manual to help business advisers devise strategies for clients dealing with family issues. Guiding family businesses through the complex maze of organizational, tax, financial, governance, estate planning, and personal family issues is a complex, time-consuming, difficult, and sometimes emotional process. This book focuses not only on identifying the problems family businesses face, but on devising solutions and planning opportunities for both family businesses and their owners. Each chapter of this book contains creative planning opportunities that advisers can suggest and help implement in order to solve real problems in the family business.

Running a family business is like running any other business--with the addition of many extra challenges. A family-owned enterprise involves unique management, compensation, hiring, and other business issues regarding family member employees. 9 Elements of Family Business Success addresses the specific challenges faced by owners of family businesses, and it shows family members employed in the business how to enjoy their positions while helping the organization reach its highest potential. Every relationship between family members comes with its own unique set of dynamics. When transferred into the workplace, these dynamics introduce emotional factors and hot buttons that can make or break the business. In this comprehensive guide, Allen E. Fishman spotlights all the challenges such organizations face and provides practical advice for creating your own strategy to meet them--and strengthen relationships within the family, as well. Fishman provides solutions to the problems unique to a family-run business, along with handy checklists to ensure you're covering all the angles. You'll learn how to: Create a written policy for hiring, reviewing, and terminating family member employees Avoid family relationship tension regarding compensation Choose a successor and create a succession development plan Ensure good results-driven family communication and dynamics Maintain healthy spousal relations when you work together Recruit and retain talented non-family member employees 9 Elements of Family Business Success contains detailed case studies of specific challenges faced by real family business owners and employees. Each one explains how the owner or employee identified the problem and the steps he or she took to solve it. Apply Fishman's advice, and you'll experience all the benefits and avoid the pitfalls that come with running a family business.

THE "FAMILY BIBLE" FOR FAMILY BUSINESSES, LARGE AND SMALL For many family business owners the most daunting issues aren't how to serve customers or make sales----they're how to handle the often complicated legal and tax issues involved in running a successful business. From business plan to intergenerational succession, J.K. Lasser's Finance & Tax for Your Family Business offers all the relevant tax and legal aspects of starting, running, and transferring a company. It provides an invaluable understanding of organizational structures, capital-formation alternatives, and compensation obligations and choices. Also included is a resource listing of family business institutes, centers, and Web sites. Critical coverage will help you: * Build a winning management team * Discover the best strategies for passing the business on to future generations * Estimate estate tax consequences * Understand the ramifications of buy-sell agreements within a family context

Pascal Engel investigates how outside directors are incentivized in family firms that are publicly listed but still partly owned by members of the founding family. Owning families significantly influence their firms' corporate conduct with their own set of goals, sometimes in conflict with economically driven goals of the capital markets. The author analyzes how family shareholders exert their influence on compensation schemes of outside directors who have the difficult task to protect the interests of family and non-family shareholders. This book provides insights on current approaches of defining a compensation scheme that attracts qualified outside directors but concurrently reflects respective shareholders' preferences.

Developing policies to guide decision making can help the family business avoid serious problems. The authors provide a step-by-step process for engaging family members in developing policies which cover issues such as: dealing with conflicts of interest; retirement timing; distribution of profits; loan programs; compensation and succession.

Navigate the complex decisions and critical relationships necessary to create and sustain a healthy family business—and business family. Though "family business" may sound like it refers only to mom-and-pop shops, businesses owned by families are among the most significant and numerous in the world. But surprisingly few resources exist to help navigate the unique challenges you face when you share the executive suite, financial statements, and holidays. How do you make the right decisions, critical to the long-term survival of any business, with the added challenge of having to do so within the context of a family? The HBR Family Business Handbook brings you sophisticated guidance and practical advice from family business experts Josh Baron and Rob Lachenauer. Drawing on their decades-long experience working closely with a wide range of family businesses of all sizes around the world, the authors present proven methods and approaches for communicating effectively, managing conflict, building the right governance structures, and more. In the HBR Family Business Handbook you'll find: A new perspective on what makes family businesses succeed and fail A framework to help you make good decisions together Step-by-step guidance on managing change within your business family Key questions about wealth, unique to family businesses, that you can't afford to ignore Assessments to help you determine where you are—and where you want to go Stories of real companies, from Marchesi Antinori to Radio Flyer Chapter summaries you can use to reinforce what you've learned Keep this comprehensive guide with you to help you build, grow, and position your family business to thrive across generations. HBR Handbooks provide ambitious professionals with the frameworks, advice, and tools they need to excel in their careers. With step-by-step guidance, time-honed best practices, and real-life stories, each comprehensive volume helps you to stand out from the pack—whatever your role.

After seeking approval from his siblings, Mark Trevor hired Virginia Scott, a family business consultant, to enlighten his family about possibly unfair compensation practices in their 50-year-old family business. The ninth of Ben and Amy's 12 children, Mark believed that the family's current practice of providing equal salaries for different types of work and giving special allowances due to marital circumstances were unfair. His siblings, with ages ranging from 37 to 58, had varied opinions about this.Virginia initially thought that the case of the Trevors would be straightforward. She had more than 15 years of experience working with business families and she had been successful in making family members understand that each held a different perspective depending on whether they were involved in the family business as owners or managers or not at all. This is a perspective presented by Tagiuri and Davis (1992) in their three-circle model of family businesses. By making family members in previous engagements differentiate their family, ownership, and business positions, they had become more sensitive to the concerns raised by the other.This time, however, Virginia would need to work with each of the 10 living siblings as each has unique circumstances. Certainly, each would have their own views about how the family business should compensate them; after all, they are all children of the founders. Virginia would have to tread carefully, though, so as not to antagonize any of the siblings; but, she needed to deal with them firmly so as not to be pulled by one or the other into a triangle relationship where she will be forced to take sides. How should Virginia strike the balance and help the family members understand each other's perspective and accept a business compensation framework that would be perceived as fair by everyone? This paid engagement was preliminary but Virginia knew that if the Trevor's accepted the framework, this would lead to a separate, more substantial engagement focused on preparing the compensation structure for the family.