UNH Media Relations
DURHAM, N.H. – Compensating family members of a family business can be a source of conflict, miscommunication and misunderstanding, with compensation for members of the same generation often being the source of many problems.
The University of New Hampshire Center for Family Business will tackle this sensitive issue at its next business event. “Solving the Hardest Compensation Dilemma: What Should Family Members Be Paid?” will be held Wednesday, Nov. 14, 2007, at The Yard Restaurant, Manchester. The event begins at 8 a.m. Lunch is included.
Topics to be covered include:
• How to determine proper compensation for family members.
• How to do evaluations of family members.
• Methods for deferring compensation.
• Knowing when to bring in nonfamily managers.
• Incentives for family and nonfamily including phantom stock, bonuses, and perks.
Presenters are Thomas Davidow, founder of Thomas Davidow Associates and Genus Resources; Harvey Widger, principal of Fulcrum Resource Group; and Robert Ravenelle, a certified public accountant who heads the federal tax practice group at Pierce Atwood LLP. Davidow created a methodology to address family issues that typically interfere with sound business decision making. He is often asked to assist families with the sensitive issue of compensation. Widger specializes in working with owners of businesses to help them recruit, hire, and structure compensation plans for family and nonfamily that are fair and motivate performance. Ravenelle regularly assists family businesses with succession planning, including the use of deferred compensation as a tool to effect transfers of ownership.
RSVP to Barbara Draper at 603-862-1107, or firstname.lastname@example.org. The program is free to members. There is a special one-time nonmember registration fee $99 per person, $250 per family. Make checks payable to UNH. Send registration to the Center for Family Business, University of New Hampshire, 6 Garrison Lane Verrette House, Durham, NH 03824
The center, under the UNH Whittemore School of Business and Economics and the UNH Graduate School, is sponsored by Mass Mutual Financial Group, Thomas Davidow Associates, Baker Newman & Noyes, Pierce Atwood, MPI Management Planning, Inc., and Ocean Bank. It is a membership program to provide owners and managers of entrepreneurial businesses with an opportunity to exchange ideas and information and to discuss business challenges, concerns, and solutions.