Family Business Editor
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This experiential exercise is designed to enhance student learning about the four parenting styles and how they affect the dynamics within the family firm.
Leaders must think about not only how much to pay managers, but also whether all should receive equal pay, whether merit plays a role, and how non-family executives should be compensated.
It's naturally assumed that future leaders should toil in the trenches somewhere else first, but this has some significant drawbacks.
Successful, long-lasting business families share an understanding of what is important to them, what they want to do together, and how they want to work together to achieve their collective goals and vision.