Farm Family Business

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.

Set examples for future generations by embracing values over assets.

Attention to three areas can help keep people on the same page and prevent deeper conflicts from tearing the fabric of family relationships.

Effective transitions require more than planning.

Some management scenarios call for saying more, not less.

Spend time on one of the variables in the operation over which you have control.

Adjustments to business plans should be made sooner rather than later.

Almost every expansion of acreage, new business enterprise or new investment has challenges and requires more management skills and knowledge. Your intuition is valuable, but so is the advice and counsel of people who have been through similar trials.

The key to a successful family business is to recognize when your own mind-set is either helping or preventing the growth of the family and business.

Family members are more productive when given opportunities to develop new skills.

An effective transition requires knowledge of both strengths and weaknesses.

Focus on efforts that work in combination to help create a comprehensive estate plan.

Are the goals of business continuity and family harmony mutually exclusive?

While we often talk about transitions in the context of succession planning and retirement, there are other transitions that can happen on family farms and ranches.

Positive outcomes are possible through forgiveness, acceptance and admitting fault.

Family members may have severed connections, but they can attempt strategies to move forward.

Lessons can be learned from a classic novel about choices made during stressful times.

A shared vision, good communication and the freedom to choose to be business partners helps set the stage for success in your family partnership.