There’s a nice video on families hanging together in today’s New York Times.
Does a family firm provide greater job security in an economic downturn?
Not necessarily. Not in the case I’ll call ABC Stores, a retail chain with 200 employees. The second-highest salary is that of brother Andy, whose sister, Marilyn, has been wishing for years that he would leave of his own accord, as he’s threatened to do ever since she was named president.
“This is just good business,” she tells me. “I don’t know if I should tell him he has to take a big pay cut,” or just bite the bullet and let him go. I know I’ll get a huge amount of flak from my mother, either way.”
What do you think?
She can cut his salary, but dont expect him to leave, he wont find anything comparable anywhere else so he’ll be even more of a problem to her.