Category: Succession Planning

Lack of a shared vision may be one of the most significant threats to sustaining a family business through multiple generations. Roughly 83% of family farms do NOT make it to the third generation.  Developing your own family's vision will greatly increase the odds in your favor. Your family farm is not the same as it was when you started it. It has evolved over time due to financials, demand, land availability, technology, and hard work.  You have and will continue to feed the world in a highly competitive environment.  When farming was financially sustainable many farms wanted to continue...

And the Failure when there is none. Bob, a dairy farmer college of mine, operated a successful 600 cow dairy.  Like most of us, he thought he had a lot more time left in this world.  Unfortunately, Bob was diagnosed with cancer on a Monday and died just two weeks later.  The biggest business obstacle to his wife and daughter was the absence of the paperwork that allowed his business to continue. As leaders of successful dairy operations, you understand the importance of developing and using documents.  My guess is your farm office is full of manure maps, dairy comp...

When times are tough, and everyone is under stress all the imperfections bubble to the surface. The imperfections were there all along but aren’t visible until our backs are against the wall. This is especially true of transition planning. My latest Farm Futures article covers some of the problem areas we often see at farms of all sizes and locations. Click here to download the full article: Deal with transition planning before it's too late Common Problems -Tying compensation to ownership -How the next generation builds equity -Providing for the senior generation income while not harming the farm -Conflict among...

When it's out of control, bad things happen and people get burnt. To read the full article click here. Tim Schaefer is a regular contributor to Farm Futures writing on the topics of transition planning, leadership development, peer groups, and management. Encore Consultants

Is there an easy how-to book or checklist that will guarantee a successful family farm transition? No. Is there an easy way you can sit down in an afternoon and complete your transition plan? No. The fact is the odds are against any family farm successfully transitioning to the next generation. Thus, when family farms do transition successfully, it is something to be proud of. Every farm is different, and every family is unique. Thus, each family farm has a unique history, culture, family dynamic, and business. Every farm moves at a different pace, and what is a roadblock to one farm...

Mixed signals and silence between generations leads to frustration. Who moves the discussion forward? To read the full post click here. Tim Schaefer is a regular contributor to Farm Futures writing on the topics of transition planning, leadership development, peer groups, and management.