Coleman Quoted in CityBusiness on Compensation in Family Businesses
J. Grant Coleman, a member at King, Krebs & Jurgens who advises family businesses on business and the law, was interviewed by New Orleans CityBusiness for the cover story "Relative Risk: Advisers say family businesses require specific job descriptions, goals." The article appeared in the February 22 issue of the newspaper.
The article examined the struggle many family-owned businesses face in finding the right way to compensate working family members and non-family employees.
"Coleman said business owners need to assess the duties of each working family member, find a comparable position on the job market and use data on average base salaries to determine the best pay range for that person . . . 'At the end of the day, the analysis is this: If this person wasn't doing this job, somebody else would have to do it and how much would we have to pay them,' Coleman said. 'That's how much you have to pay them, no more, no less.'"
Grant also discussed tax planning and buyouts in the article, which can be read at assets/htmldocuments/Family%20Business%20Compensation.pdf