Farm Family Business

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.

Here are a few ways your appeals to family loyalty can become emotional handcuffs in agricultural family businesses.

To be a good family business, don't act like one.

Your canvas is more than just a mural of assets, spreadsheets and documents.

Understanding yourself and your effect on others pays big dividends.

Lessons can be learned from a brewery empire that fell into financial ruin.

If you own land, livestock and equipment, the question of how to be fair when transitioning assets to the next generation is one of the most difficult subjects you face.

Family businesses are no stranger to conflict. It is bound to happen with the different roles people play, the history of family relationships, the transitions family members go through at various life stages and the uncertainty of work in an ag environment...

Bringing independent voices into family business decisions can be beneficial.

To move succession and estate planning ahead, resolve to improve your relational skills.