“Show me the money,” is one of the most classic lines, from a movie favorite - Jerry Maguire. One of the most challenging duties in operating a small business is establishing an effective compensation program. That goes beyond just calculating competitive hourly rates and salary packages. But creating a happy team, that in turn create happy customers.
Compensation is always an issue. But that challenge pales in comparison to doing the same thing for family members who work in the business.
In this episode, our hosts, Lonnie Sciambi and Stan Simkins, also known, respectively, as “The Entrepreneur’s Yoda” and “The Family Biz Doc” will give you some guidance about when compensation can be an incendiary issue often driven by long-simmering family feuds or non-family members earning more than long-standing family members.
They’ll explore how a fair compensation strategy (for both family and non-family members) can help keep and professionally grow family members and attract non-family members, helping increase the overall value of the company.
They’ll show you how an objective outside advisor can guide this process and help you develop your own compensation strategy that fits your business and is more than just dollars transferred from employer to employee.
We invite you to enjoy this session with your personal tour guides to business freedom, the dynamic duo of Stan Simkins and Lonnie Sciambi. And, as always, they’ll regale you with war stories, that both carry a solid message, lesson or may bring a chuckle or two