Planning for Farm Business Transition/Succession by Rodney Jones of Kansas State University (for the Four State Beef Conference) is an excellent paper on the many elements involved in succession. It's packed with a lot of good information - the paper will likely keep this 'Coffee Shop' buzzing through several posts.

Jones emphasizes how important it is for the family business to establish both a Vision Statement and a Mission Statement. Dr. Jones describes a Vision Statement as a "unity building instrument to start the planning process"; whereas in a Mission Statement, "It is important to focus attention on the guiding values, principles, and primary roles... to provide direction for the business."

In both cases, it is important to "Keep core values in mind. Think about what you admire or respect in other people or businesses."