Of the many challenges in handing the management of a farm or ranch business to the next generation, perhaps the greatest hurdle is psychological. While the incoming generation’s knowledge and skills are important in the succession process, just as critical is the senior generation’s mindset, specifically the way its members conceive of their future identity […]
Profit is one of the most widely used measures of business success. Without profit, there is no long-term business.
Spend time on one of the variables in the operation over which you have control.
Fine-tuning business intricacies strengthens internal operations and external perception.
This invaluable trait isn’t guaranteed
just because you’re related.
Don’t assume your children will
want to take over the family
business. You have to educate
and engage them early to gauge
their interest.
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