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Cultivating Multigenerational Success in the Agricultural Community
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- « Jan
Blog
Thankful for these Thoughts
This week we heard from a Midwest farmer who, prompted by Jeanne Bernick’s article “Staring Down Succession,” forwarded h
is own seasoned reflections about succession planning.
Bill, thank you for sharing your thoughts with us. As a professional specializing in succession planning, I have a bias toward the value of this process for America’s farm families. As a third generation farmer, you have the life experience to support your suggestions.
“The article describing the Windmanns’ situation was interesting and probably typical of agribusinesses these days.
- Control is a central issue in the succession process; it should be discussed early.
- Fair is not the issue, equitable is (fair is a subjective term; equitable is objective).
- There is a difference between maintaining the business and keeping the land.
- Planning is always good use of time.
- Using a professional coach/facilitator can be helpful.
- Schooling is good; a developed mentoring/intern program is better.
- Other courses, seminars and workshops may be helpful.
- Family meetings are okay; board meetings are better.
- An agenda is always helpful; good records and notes are important.
- Rotate administrative responsibilities regularly, every six months or year.
- Do not confuse administration with leadership. - It is very difficult to separate the business from the family, so it is important to agree on which takes priority. At 70 years old with 40+ years of business ownership, I’ve been involved with succession planning, leader development and operational growth/development. I’m not sure that makes me an expert; I’m just older than most…” To Guide Productive Family Discussions:
