What is Family Member Remuneration Planning?
The family controlled or privately owned business usually represents an enviable source of financial independence for the family member’s active in the business. The question of fair remuneration for owners/employees is a burning issue. Issues to be considered include the basis for establishing salary levels of family employees and how you reward ownership.
There are a number of commercial and taxation benefits that remuneration planning can offer. Effective remuneration & equity planning also allows you to attract, reward & retain your best people.
Good people make you money!
How do we do it?
Our Privately Held Business (PHB) methodology provides the foundation for providing all of our PHB services and is the cornerstone of how we deliver our services and communicate with our clients. We help you identify what is important to you and what you want to achieve from remunerating yourself and key employees.
Discussions will cover:
- market-based remuneration
- issues of fairness and equity
- remunerating key employees
- the owner’s need for asset protection
- the working capital needs of the business
- income tax and salary packaging
- succession planning.
Remuneration planning should be considered in tandem with business owner structuring since alternative forms of remuneration can be achieved through different structures.