225. The pros and cons of being transparent with employees

Business Buyer Diaries: the Reality Before, During, and After

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Ever felt the unease of discussing your income with friends, let alone your employees? That's the can of worms we're cracking open today, as we navigate the treacherous waters of financial transparency in the business world. We tear down the facade to expose the raw nerves of ego, privacy, and the very real fear of backlash that haunts owners when the topic of sharing financials with their team is on the table. With a firsthand tale from my days in the auto industry, I bring to life the high-stakes game of maintaining one's lifestyle while balancing staff expectations.
We're placing our bets on honesty, revealing the gamble I'm taking with my own management team in the hopes of fostering a culture of openness. As we dissect the intricate dance of class dynamics and the implications of financial openness, you'll find yourself confronted with the question: What would you do with your company's financial figures? This episode isn't just about the numbers; it's about the people behind them and the complex interplay of interests that shape the decisions of business owners everywhere. Strap in for a ride through the reality of profit margins, salary negotiations, and the true cost of keeping (or not keeping) your cards close to your chest.

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