Dad, I need a raise

Sometimes it’s easy to forget the business side of your family business — especially when it comes to money, compensation and the uncomfortable topic of wealth. If you are a working member of a family business, at some point, you will need to negotiate something money-related with your family. You’ll need to know your value and get comfortable with it. And it’s hard. It’s hard because loyalty and passion sometimes eclipse reason and data. (And, frankly, sometimes the data doesn’t exist.) And then there’s the family part and the emotion and humility that comes with asking for something. And you’ll have to deal with unspoken fairness rules. What you’re really asking for is not just money. You’re also asking for approval. What’s the opposite of approval? Rejection. Ouch.

The veil of shame attached to money talk in family businesses needs to go away. It’s too secretive to be productive. It’s another one of those unique features (not a bug) in the family business ecosystem. Let’s start with these hard truths: It is not uncouth to discuss money. It is not uncouth to know your value in an organization and ask for it. And wealth, well, let’s get over it by educating our kids at a young age by talking about it.

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About the Author(s)

Amy C Cosper

Amy C. Cosper is the former Editor-in-Chief of Family Business Magazine.


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