Farm Family Business

Reduce the succession challenge to a few key points to help hand off an operation to the next generation.

Follow these four steps to simplify your business choices and gain better results.

While passing the family business to the next generation can be positive, what often is ignored are the negative traits and tendencies that we pass along.

Begin the planning process with activities that build your capacity for change.

Having no heirs or children not returning to the farm doesn't mean an end to your legacy.

Younger generations should return to the family farm for the right reasons.

The pain of broken relationships runs deep and is often passed to future generations through stories or silence. If that happens, what might bring people back from alienation?

Form new habits and toss out old ones to help with management transition.

Perfecting cooperation increases the likelihood relationships and business will endure.

This practical advice can help create better connections with family business partners.

A new perspective provides a noneconomic meaning to this business term.

Ambiguous loss, where there is unresolved grief, complicates the family business and needs to be acknowledged for healing to occur.

Operations must address legacy assumptions and adjust management decisions for future success.

Don't overlook this key management position.

Verbal and nonverbal communication between family members is the most critical skill in an effective family business.

Think beyond financial investments for greater returns in the future.

Circumstances may make it beneficial to end an operation rather than struggle in the future.

Think through these steps to create a rewarding and effective transition.

Use seasonal downtime to make changes to ownership structure and management strategy.

Succession requires seeking what will be necessary for future success, while simultaneously acting in ways that reduce your own daily responsibilities.