Nurture a Healthy and Growing Family Business
With growth comes the need to prune: selectively cutting, thinning and cleaning to support healthier and more productive development in that which is growing -- including the family business.
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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 MoreWith growth comes the need to prune: selectively cutting, thinning and cleaning to support healthier and more productive development in that which is growing -- including the family business.
On almost every family farm or ranch I know, a recurring frustration revolves aroun communication. Despite a rich history, people frequently miscommunicate or misunderstand one another.
The transition from one generation to the next isn’t always easy. The shift often happens while the business is growing, while younger family members are learning and while older family members are trying to let go.
This year, commit to a range of investments in key people, financial knowledge and future transitions. Specifically, think about those investments in termof mental or emotional energy, conversations and your planning efforts.