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.
Dick Wittman, a well-known consultant to agriculture businesses across the country, recently observed that we seldom have retirement parties for farmers and ranchers.
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.
An effective transition requires knowledge of both strengths and weaknesses.
Photo: Steve Woit It isn’t the changes that do you in, it’s the transitions. -William Bridges While preparing for a recent talk on change management, I read William Bridges’s “Managing Transitions,” a helpful book containing both conceptual models and practical strategies for thinking about family and business transitions. While we often talk about transitions in […]
Your canvas is more than just a collage of spreadsheets and legal documents.
These tips can help smooth the transition of control between generations.
A returning family member should be competent, engaged and mentally strong to help the business grow and prosper.
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