Family Employment Policies — Performance & Exit from the Business

business-successFamily business policies should include periodic and scheduled performance evaluations. A performance evaluation presents an opportunity to discuss quality of contribution, work habits, professional growth, demeanor and attitude within the business and with customers. Family members set the standard for the company and their behavior must be a leading example for all employees.

Family Employment Policies — Compensation

business-successFamily business compensation is something that should be addressed within a family business's employment policies. Family members must understand that they will be paid fairly, at fair market rate, for the position they hold. This avoids a family member from obtaining an inflated view of their contribution to the family business.