Dan SchneiderAll Articles
How Much Should You Pay Your Family as Employees?
When your family are employees, understanding how much to pay them is complex. There are no secrets within a business. Believe it or not, your employees will find out if a family member is being overpaid and resent them (and you). Family in the business have formidable challenges just doing their job and earning the respect of employees. Don't magnify this challenge by setting them up for resentment. A way to create a win-win environment is to create a salary range for each position in your organization. The salary range allows you to consider outside experience a family member [...]
How Much Should I Pay Family As Employees?
Determining how to pay your children, nieces/nephews, cousins, siblings, uncles, parents, etc can be a complex endeavor, but it also can be simple and straightforward. Dan Schneider; a succession planner with The Rawls Group is filling in for Dr. Merlot to answer questions he has received from family business owners across the country. Before we get started, you may be wondering who is this Dr. Merlot Dude? The Doc is the straight-talking alter ego of Loyd Rawls, who is the founder of The Rawls Group. An alter ego may seem a little silly, but it [...]
What Are Strategies When I Don’t Have The Answers?
Regardless of the scenario, it is always best to communicate what you know, even if you do not have the answers. It is OK to not have the response tied up in a pretty bow or have all the answers to the questions being asked. However, where you can really step in it is by staying silent. Silence, especially during times of uncertainty, can create an environment of assumptions and rumors, and this can be detrimental to an organization both internally and externally. If employees are unsure of what is going on and they spread [...]
How Do I Safeguard Business Continuity if I, as the Operator or Key Leader, Gets Sick?
It should not take a pandemic to showcase the importance of planning. Prior to the pandemic, many business owners had not considered the creation of a contingency plan, however, it is top of mind for many now. One way to ensure you have protected the operational and financial continuity of your business is through succession planning. By virtue of succession planning, you are protecting key areas of the business including people, processes, planning, and profit protection. Thank you to Michael Einbinder a Partner with Einbinder and Dunn, Michael Iannuzzi a Partner with Citrin Cooperman, and [...]
How Partners Balance The Great Family Business Oxymoron
Keeping results and relationships balanced among business partners and family members requires understanding that each member of the family walks around with several identities that shift from one priority environment to another. There are 6 main priority environments: Work, Family, Social, Financial Health, Physical Health, and Your Personal Operating System Here are some of the identities you shift in and out of several times a day: Entrepreneur, Business Maven, Financier, Functional Expert, Leader/Manager, Partner, and other related roles. During the same day, you may also shift between possibly conflicting roles: Parent, Child, Sibling, Extended Family Member (Aunt, Uncle, Cousin, [...]
Hard to Lead Unless You Have “IT”
What happens when you walk into a meeting? Does the room grow quiet? Do you suddenly sense that all eyes and ears are on you? Do you get the feeling that you command the room? If that happens to you, you more than likely have IT – the Leadership Impact Trait, or what some refer to as presence. Since most want to grow in their ability as leaders, there is good news! IT, or Presence, is merely a habit. A habit is a collection of behaviors, and each of us can learn and unlearn behaviors. First, as Yoda would [...]
