Articles Tagged with ''succession planning''
Cross-training employees for multiple roles, preserving working capital, having a balance sheet with depth of equity, developing contingency plans and clear protocols, and conducting scenario-based trainings can help an operation navigate unexpected circumstances.
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Identifying a non-family successor for your farm or ranching operation: A strategic business approach
An effective leadership transition is not only about securing the future of your operation, but is also about nurturing the next generation of agricultural leaders who will continue to uphold the legacy of your organization for years to come.
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Is it time to walk away? The transition plan breaking point
Transition planning can be messy and heartbreaking. If opening up communication and forging a plan is not possible – even with the help of a third party – it may be time to move on.
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Paving the way for the next generation to return to the farm
When a young professional returns to the farm they grew up on, there is a tendency to assume that the transition will go smoothly. However, for this transition to be successful, it is crucial for farm leaders to develop and execute a plan for it to happen.
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Leading a multigenerational business
If you desire to build a business that will continue for many generations into the future, your business strategy requires more planning and much greater attention to the long-term impact of every decision.
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A legacy or a lawsuit: What are you leaving behind?
Agriculture is not just a business; it’s a way of life. Well-crafted plans to transition farm and ranch estates to the next generation are essential to keeping this way of life alive for future generations.
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Succession planning when one child wants the farm
Many parents find themselves in a situation where one child wants to farm while the others do not. This hypothetical explores one option to consider, while stressing the importance of early planning.
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Sometimes it takes a leap of faith
Developing an exit strategy when transitioning the farm to the next generation includes setting exit goals, assessing financial and mental readiness, identifying exiting owner type, selecting an exit option, understanding the value of this option and executing the exit strategy plan.
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