The EntreLeadership Podcast

Can You Care for Your People and Protect Your Profits?

Nov 6, 2023

Topics include transferring ownership in a high-risk business, competing with Corporate America in employee benefits, handling an employee with sick child, and fairly setting compensation for your team.

46:03

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Quick takeaways

Conduct a comprehensive compensation study to determine fair raises and strike a balance between compensation and productivity.

Include specific documentation in business sale agreements to protect against liabilities and require proof of liability insurance for the new owner.

Deep dives

Determining Raises

To determine when and how much to give raises to employees, it's important to do a comprehensive compensation study in your industry to gauge the market rate for each position. This will ensure that you are competitive and not overpaying or underpaying your employees. Additionally, consider the tenure and performance of your employees. Those who have been with the company for a longer time and consistently perform at a high level may warrant higher raises. However, it's crucial to strike a balance between providing fair compensation and ensuring that employees' productivity aligns with their compensation. Finally, if you have extra profits and want to reward your team, consider implementing profit-sharing plans or other forms of bonuses to share the success with your employees.

Introduction

2min

Ownership Transfer and Liability Mitigation

2min

Importance of Liability Insurance and Bonding in the Roofing Business

5min

When to Start Offering Employee Benefits

10min

Taking Care of Your Team and Systemizing Processes

4min

Balancing Empathy and Business Needs

9min

Taking Care of People and Clear Communication

3min

Determining When and How Much to Give a Raise

10min

Today we’ll hear about:

• What to do when transferring ownership in a high-risk business

• Why small businesses should stop trying to compete with Corporate America with employee benefits

• The best way to handle an employee who consistently misses work because of a child that’s continually sick

• How to fairly set compensation and salary for your team

Links mentioned in this episode:

• The EntreLeadership Podcast

• Stages of Business Assessment

• Have a question for The EntreLeadership Podcast? Leave a voicemail at 844.944.1070 or submit your question for a chance to be on the show with Dave Ramsey: https://www.entreleadership.com/ask

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