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Article: Negotiating Nepotism: A written employment policy statement for your client's family business will keep the business efficient and family members on the same page.
- Article from:
- Financial Planning
- Article date:
- February 1, 2002
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Who needs a family employment policy? Odds are very good that your family-business clients do. I can hardly count the number of times I have been called in to help a family business encumbered by family-member employees whose only qualification for the job is a connection to the company by blood or marriage. These employees are often unproductive and overcompensated. The poor decisions they make and the sour relationships they spawn become a serious drag on company morale and profitability.
The written family employment policy statement is the tool that can provide solutions. It spells out specific terms for family members that are employed, or are seeking to be ...