FARM BUSINESS NEWS
By the Numbers
Danny Klinefelter DTN Farm Business Advisor
Fri Jun 14, 2013 02:10 PM CDT

A major source of friction in some of the family farm businesses I deal with focuses on compensation. There are a number of complex and often conflicting issues involved, ranging from tax considerations to parental concerns. The issue is further compounded when there are both family and non-family members in management and/or when some family members work in the business and some are employed outside of the business.

Craig Aronoff and John Ward, two nationally recognized experts on family owned business management, offer the following simple but very important advice to family business owners when establishing compensation policies: "Pay family ...

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