NEWS
Marcia Zarley Taylor DTN Executive Editor
Fri Jan 23, 2015 11:08 AM CST


Downside to Paying Family Miserly Wages

Peak salaries used to attract young operators back to the farm since 2006 can encourage an over-inflated value of their worth to the business, warned DTN Farm Family Business Consultant Lance Woodbury in his most recent column (subscribers see the Farm Business page or Recent Features). I asked Lance (a Garden City, Kan., family business consultant and mediator) to tackle the opposite scenario: What's the risk when a farm pays family members miserly wages?

Taylor, DTN: Lance, in your recent column about compensation, you encourage people to set wages closer to the market than ...

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