Having been a part of family-farm and ranch transition discussions for more than 25 years, I’ve witnessed many younger generation members return to — and occasionally leave — the family business. The choice to join the company is a point of pride for parents and grandparents, as it represents the continuation of a legacy. But, […]
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 […]
Succession planning in the family business often focuses on the operational leader — the person directing outside activities or making decisions about logistics, labor, planting or harvesting. The theory is that when something happens to the leader, without an immediate takeover by a competent replacement, the business will struggle with indecision and suffer from mistakes. […]
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 […]
To be a good family business, don’t act like one.
Your canvas is more than just a collage of spreadsheets and legal documents.
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.
Effective succession planning requires using a variety of styles to meet your farm and family’s needs.
Succession is more than just handing over the business. It’s also about passing on the resolve.
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