Family Business Matters
As family businesses grow, they may need pruning like in nature. Evaluate and streamline business structures, communication and relationships to support healthy development and future success.
Lance Woodbury
DTN Farm Business Adviser
Lance Woodbury is an adviser to family-owned and closely held businesses, including farm businesses. He helps them plan for the future and implement ownership or management strategies that improve their effectiveness.
He also has an interest in his family's ranch near Garden City, in western Kansas.
From 1996 to 2009, Lance led the family-business-consulting efforts of the regional accounting firm Kennedy and Coe. He also managed several offices, led the firm's largest practice group, and served on the firm's management board and its human resource committee.
Lance earned his MBA from Purdue University, his MS in Conflict Analysis and Resolution from George Mason University, and a BA in History and Government from Sterling College. He is a graduate of the Kansas Agriculture and Rural Leadership program and holds a Certificate in Family Business Advising. Lance is a member of the Association for Conflict Resolution and is a Fellow of the Family Firm Institute.More From This Author
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Family Business Matters
Chances are that somewhere in your future, your business will experience an ending, split or dissolution. You may not want to think about the inevitability of an exit, but being prepared can be instrumental for positive family...
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Family Business Matters
Farm family business members can benefit from taking a fresh look at how they talk with, and listen to, others.
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Family Business Matters
Dedication is often expected, and prized, on farms and ranches. But overdedication can have mental and physical consequences and cause one to keep pursuing a business in decline.
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Family Business Matters
Feelings of remorse can get in the way of personal and business success. Recognize how these three guilt factors can be detrimental to a farm family.
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Family Business Matters
This year, commit to a range of investments in key people, financial knowledge and future transitions. Here are some suggestions on what to think about regarding those investments.
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Family Business Matters
Family farms can ensure successful generational transitions by offering opportunities, fostering responsibility, encouraging outside experience, paying fair wages and planning ownership transfers proactively.