Successfully implementing a succession plan is difficult in any family business. But, when much of the senior generation’s equity is usually held in land farmed or grazed by the younger generation, it gets harder. The financial ties between generations are embedded in the operating business. The historical connection to the farm or ranch house sometimes […]
Profit is one of the most widely used measures of business success. Without profit, there is no long-term business.
In the course of planning for the future of the family business, there are sometimes reasons to consider splitting up.
Think through these steps to create a rewarding and effective transition.
The act of passing your business to the next generation is difficult for several reasons. Succession requires actively seeking what will be necessary for
future success, while simultaneously acting in ways that reduce your own daily business responsibilities.
Here are three resolutions for a smoother family business transition.
These tips can help smooth the transition of control between generations.
Follow these three indicators to gauge if your transition plan is on track.
A returning family member should be competent, engaged and mentally strong to help the business grow and prosper.
Connect and communicate better with family business partners by using these three levels of listening.
Recent Comments