5 Steps in Building a Family Business Compensation Plan

December 8, 2014 1 Min Read Family Business Structure, Family-Owned Businesses

Steven E. Staugaitis, CPA, CVA Director, Audit & Accounting, Small Business Advisory Services Group Leader, Family-Owned Businesses Group Co-Leader

Compensation in any business can be a delicate topic, but add family members to the mix and things can become especially difficult. With each passing generation, the issues become exponentially more complicated. What may once have been an easy discussion with a sibling or parent becomes more complex over time, particularly as multiple generations are added into the mix.

A well-crafted compensation plan can go a long way toward alleviating these issues. Originally presented at our Best Practices in Family Business Compensation seminar, this video clip outlines five important steps to building (or rebuilding) a compensation plan in your family business.

Steven E. Staugaitis is a director at Kreischer Miller and a specialist for the Center for Private Company Excellence. Contact him at Email or 215.441.4600.