The ability to attract and retain talented employees is key to the long-term success of any business. If you own a family business, you may be one of the lucky few that have found all of your key talent within the family. More likely, and especially as the business has grown, you’ve identified the need to go outside of the family for technical expertise and senior executives.
In West Michigan’s competitive job market, family businesses can often point to their corporate culture, family atmosphere and job security as differentiators. To hire and keep top talent though, you still need an attractive compensation package competitive with family-owned businesses and non-family-owned businesses alike. For many employees in today’s market, an attractive compensation package means some sort of equity compensation. In addition to the benefits of recruiting and retaining top talent, equity compensation is a proven motivator and can better align your employees’ interests with the growth of the company.