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Family businesses cover a wide range of industries and can be small or among the world’s largest companies. These companies face unique challenges that arise from the complex interaction of business and family relationships — and the desire to avoid conflict within the family. Given the broad spectrum of sizes and types of family businesses, it’s difficult to describe a single compensation strategy effective for all of them. But there are some best practices that can foster success.
In our experience, the inability to effectively address compensation in family businesses is mainly due to two factors:
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