Succession's Secret Sauce
Management succession in a family business is easy to define but hard to do. Put simply, it is the act of transferring authority and responsibility to the next generation. In practice, it is anything but simple.
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Lance Woodbury, a partner at Pinion (formerly K∙Coe Isom), a food and agricultural consulting firm, provides facilitation and mediation services to family-owned enterprises working through communication and conflict, succession and strategic planning, family giving, estate planning and governance.
Learn MoreManagement succession in a family business is easy to define but hard to do. Put simply, it is the act of transferring authority and responsibility to the next generation. In practice, it is anything but simple.
What does resiliency-the capacity to withstand or recover from difficulties-mean in the context of a family working the land together? How does a family partnership bounce back from challenging situations? Consider the following...
Even if your family company isn’t characterized by billion-dollar deals, land grabs, fancy cars and airplanes, or attempted murder (do you remember who shot J.R.?), there are still plenty of power dynamics at play in the family...
Setting your farm up for long-term success involves focusing on several areas of your family business. Read this second installment of my top 10 foundational elements for a successful enterprise.