How do I broach the difficult topic of salary compensation in a family business?
How do I broach the difficult topic of salary compensation in a family business?

Me: 24(m)

Education: Bachelor of business mgmt

Background: My mom is working with my aunt who is single in a finance business averaging >$5m yearly in profits. My aunt is the boss and my mom is more like the General manager. Both of them are thinking of retiring in the very near future and my aunt have asked me to learn the ropes after I finish studying this semester. The particular niche of the business is kinda a sunset one and efforts to reverse this is isn't going anywhere so far.

I'm obviously interested to take over still but there are some uncertainties I can't get over.

  1. Salary, my aunt is offering me an average fresh grad salary but annual increments are very small. If she doesn't retire in the near future, my total compensation would be way below market rate down a couple years.

  2. If the company dies out, I might find myself climbing the corporate ladder from the start with little savings at an old age.

  3. Aunty reneging on her words and perhaps pass the company to one of my cousins in the future.

  4. Difficulty discussing salary as my aunt which is a real workaholic was recently diagnosed with stage 1 cancer, leading to her intending to bring me in ASAP. It's a really tough time to talk about money when she is unwell, but at the same time, it's my future too.

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