“Before we knew it, we learned that we were having a Grand Opening for our new Manhattan retail store later that week. And we weren’t even a retailer“ To help with the growth our family business, our family hired a key non-family manager for the first time. Attracting an outside manager into a family business is especially challenging with regards to compensation. Like many closely-held firms, we weren’t willing to give up equity in the business, so we created a compensation package built around a performance bonus. We selected an outside executive who came from More…![]()
