Legacy by Design LLC.
Cultivating Multigenerational Success in the Agricultural Community
Call Us Toll Free: (877) 523-7411
Blog
A Prepared Successor is Key to Agribusiness Success
By all accounts, agribusiness is big business. Yet the emotional issues of family seem to confound many of the decisions made by the owners. One of the more delicate choices is the selection of your most qualified successor. Will you transition to a family member, to a trusted employee, or to a promising outside candidate?
Regardless of your choice, a successor will need years of guidance to master the rudiments and responsibilities of management. To become an excellent manager involves a very steep learning curve, and mastery cannot be fast-tracked.
A variety of teaching methods and learning opportunities should be utilized for the development of a new leader. You may consider:
-
Off-site work experience
-
Using a menor with the skills/abilities you would like the candidate to emulate
-
Classroom training at a local college, industry seminar, or workshops
-
Participation in business planning and strategy sessions with accountants and bankers
-
Attending association, grower, and co-op meetings, as well as working with manufacturers' reps or farm advisors
-
Leadership opportunities with the local Farm Bureau, equipment dealers association, farm alliance, or other industry-related group
-
A specific written plan should be customized to the skills of the candidate and the demands of your business. Creating a plan can help both you and the successor to understand what is required, how the training will be conducted and provide documentation of progress.
Tomorrow's leader is developed today. Start on the training now - so that the new manager will be fully prepared to step in when you are ready to reduce your own involvement in the day-to-day operations.
__________________________________________
What has been notably beneficial in the management development program at your business? Any ideas to share with your fellow agribusiness owners and farmers?