The Non-family Members of a Family Business

 

The Non-family Members of a Family Business

Delaware Business Review
by Nancy F. Blumberg, CPA, CFP
Simon Master & Sidlow, P.A.

Key non-family personnel are just as important to successfully operate a family business as family members are to the business. Attracting and retaining these non-family members will help the family firm grow and prosper.

There are a number of creative ways to keep those key employees happy without jeopardizing the family’s control of the business. To determine the most rewarding benefit to the key employee, first the owners need to be aware of the non-family manager’s expectations and concerns.

It’s not unusual for a key non-family employee to expect sick leave, disability, retirement and medical benefits.This employee will expect to be comparably compensated to others on his level in the industry.

Concerns that need to be addressed are: if the employee remains healthy, what will the employee have at the end of this tenure?Also, what happens if the company goes through a succession during the employee’s tenure – what part will the employee play? More…

The Non-Family Members of a Family Business

The Non-family Members of a Family Business
Delaware Business Review

by Nancy F. Blumberg, CPA, CFP
Simon Master & Sidlow, P.A.

Key non-family personnel are just as important to successfully operate a family business as family members are to the business.Attracting and retaining these non-family members will help the family firm grow and prosper.

There are a number of creative ways to keep those key employees happy without jeopardizing the family’s control of the business.To determine the most rewarding benefit to the key employee, first the owners need to be aware of the non-family manager’s expectations and concerns.

It’s not unusual for a key non-family employee to expect sick leave, disability, retirement and medical benefits.This employee will expect to be comparably compensated to others on his level in the industry. More…