{"id":2023,"date":"2021-11-30T13:14:26","date_gmt":"2021-11-30T19:14:26","guid":{"rendered":"http:\/\/www.encore-consultants.net\/stagingNov2022\/?p=2023"},"modified":"2022-01-05T10:20:39","modified_gmt":"2022-01-05T16:20:39","slug":"investing-in-the-next-generation","status":"publish","type":"post","link":"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/","title":{"rendered":"Investing in the next generation"},"content":{"rendered":"\n<h6>Just like any investment, the earlier you start the more it has time to grow and develop.<\/h6>\n\n\t<p>You invest in your business; you invest in your retirement, and you invest in your connections with loved ones.<\/p>\n<h6>Have you considered investing in the future leadership of your farm?<\/h6>\n<p>John thought he had everything covered. He didn&#8217;t question his succession plan; he was fortunate to have two sons come back to the dairy.&nbsp; Everyone worked well together, and it was just assumed it would easily be passed on.<\/p>\n<p>Unfortunately, John passed away unexpectedly before his anticipated retirement date.&nbsp; His sons were not prepared to fully &#8220;take over&#8221; the operation, nor did they agree on who would be in charge of what.<\/p>\n<h6>Arguments ensued.&nbsp; Employees quit.&nbsp; Big decisions were left unanswered.<\/h6>\n<p>John did not invest in the future leadership of his business and now, only one year in, it was faltering.<\/p>\n<h6>Is there a better way John could have prepared?<\/h6>\n<h6>How can you avoid the failure of your succession plan?<\/h6>\n<h3>The most critical piece is to invest in your future leaders early on.<\/h3>\n<p>Successors who are prepared have a higher chance of carrying on the family business.<\/p>\n<p>In addition, it can also lead to:<\/p>\n<ul>\n<li>Greater retention of high performers<\/li>\n<li>A stronger culture<\/li>\n<li>A team that is better prepared to thrive in uncertain conditions<\/li>\n<li>Greater stability and resilience<\/li>\n<\/ul>\n<p>The following are some steps to help you invest in the next great leaders of your farm:<\/p>\n<h6>1. Do you have a potential successor in mind?<\/h6>\n<p>If you&#8217;re the owner, get real.&nbsp;Ask yourself, how long do I want to continue to run our business? What if something happens to me that takes me out of the business before I&#8217;m ready? Do I have a potential successor?&nbsp; And, if so, have I groomed that successor?<\/p>\n<h6>2. Find out who&#8217;s interested.<\/h6>\n<p>Someone from the younger generation &#8211; son, daughter, niece, nephew, grandchild, etc. &#8211; may have expressed interest in taking over from you, but you need a commitment. If you have more than one child, especially more than one who has worked in the business, have a frank discussion with all of them present about your wish to ease yourself out of the business.<\/p>\n<h6>3. Use your best judgment<\/h6>\n<p>No one knows their kids as a parent. does&nbsp; &nbsp;Ask yourself if any of the family members who have expressed interest in succeeding you truly have what it takes to be a&nbsp; business owner. &nbsp;Take your blinders off and truly consider the following:<\/p>\n<ul>\n<li>Do they love the business?<\/li>\n<li>&nbsp;Have they taken the opportunity to work off-farm to gain insightful experience? Are they capable of, and willing to, work long hours if need be?<\/li>\n<li>Can they manage those critical relationships &#8211; customers, vendors, key employees &#8211; who make the business go?<\/li>\n<li>Do you know their strengths and weaknesses?<\/li>\n<li>Do THEY know their own strengths and weaknesses?<\/li>\n<li>Do they have the right basic skills?\n<ul>\n<li>Experience in creating budgets, financial plans, and balance sheets<\/li>\n<li>Ability to create and follow protocols<\/li>\n<li>Desire and ability to manage people<\/li>\n<li>Capacity to train others<\/li>\n<li>Effective, communication skills<\/li>\n<li>Potential to manage the cow and crop side of the business<\/li>\n<\/ul>\n<\/li>\n<li>Is your successor&#8217;s immediate family supportive of the transition, which will require more time away from home and perhaps shifting responsibilities within the family?<\/li>\n<\/ul>\n<p>Most importantly, choose the best person or persons suited for the job.&nbsp; It&#8217;s not about making everybody happy or every person a leader, it&#8217;s about planning for the success of the business and their role in it.<\/p>\n<p>&nbsp;<\/p>\n<h3>Once you have selected a potential successor or team of successors, spend time with them<\/h3>\n<p>Explain the history, culture, and values.&nbsp; Work together to make sure your values and vision align.<\/p>\n<ul>\n<li>\n<h6>Prepare them by enrolling them in educational seminars, programs, and peer groups.<\/h6>\n<\/li>\n<li>\n<h6>Define their roles and responsibilities.<\/h6>\n<\/li>\n<li>\n<h6>Define how they will be held accountable.<\/h6>\n<\/li>\n<li>\n<h6>Utilize job rotation to provide experience in all areas of the farm.<\/h6>\n<\/li>\n<li>\n<h6>Provide them some leadership roles now to see how they progress.<\/h6>\n<\/li>\n<li>\n<h6>Provide feedback.<\/h6>\n<\/li>\n<li>\n<h6>Be a mentor and\/or coach.<\/h6>\n<\/li>\n<li>\n<h6>Be open and available for questions.<\/h6>\n<\/li>\n<li>\n<h6>Work with them on communication skills. The how, when, and what to communicate. (This is key to a leadership role)<\/h6>\n<\/li>\n<\/ul>\n<h6><\/h6>\n\n<p>John&#8217;s family was able to reassess the situation and obtain help while they transitioned and prepared the new leaders.&nbsp; There were many bumps in the road, but the commitment was there.&nbsp; The sons agreed it would have been a smoother transition if they understood their roles and expectations going forward.<\/p>\n<h4>Investing in the future leadership of your farm entails<\/h4>\n<h3>TIME, THOUGHT, and TRAINING<\/h3>\n<h4>Just like any investment, the earlier you start the more it has time to grow and develop.<\/h4>\n<p>&nbsp;<\/p>\n\t\t\t\t<img loading=\"lazy\" src=\"http:\/\/www.encore-consultants.net\/stagingNov2022\/wp-content\/uploads\/2021\/11\/Build-a-business-twitter-1024x576.png\" alt=\"Build a business twitter\" itemprop=\"image\" height=\"360\" width=\"640\" title=\"Build a business twitter\" onerror=\"this.style.display='none'\">\n\t\t<h3><\/h3>\n\t\t\t<a href=\"https:\/\/xl4zqerp.pages.infusionsoft.net\" target=\"_self\" role=\"button\" rel=\"noopener\">\n\t\t\t\t\t\t\tJoin our email list\n\t\t\t\t\t<\/a>\n","protected":false},"excerpt":{"rendered":"<p>Just like any investment, the earlier you start the more it has time to grow and develop. You invest in your business; you invest in&hellip;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[22],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Investing in the next generation - Encore Consultants<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investing in the next generation - Encore Consultants\" \/>\n<meta property=\"og:description\" content=\"Just like any investment, the earlier you start the more it has time to grow and develop. You invest in your business; you invest in&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/\" \/>\n<meta property=\"og:site_name\" content=\"Encore Consultants\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/EncoreConsultants\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-30T19:14:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-05T16:20:39+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.encore-consultants.net\/stagingNov2022\/wp-content\/uploads\/2021\/11\/Build-a-business-twitter-1024x576.png\" \/>\n<meta name=\"author\" content=\"Liz Griffith\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Tim_at_Encore\" \/>\n<meta name=\"twitter:site\" content=\"@Tim_at_Encore\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Liz Griffith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/\"},\"author\":{\"name\":\"Liz Griffith\",\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/#\/schema\/person\/84557208205b681364a49289d3fb840c\"},\"headline\":\"Investing in the next generation\",\"datePublished\":\"2021-11-30T19:14:26+00:00\",\"dateModified\":\"2022-01-05T16:20:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/\"},\"wordCount\":799,\"publisher\":{\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/#organization\"},\"articleSection\":[\"Succession Planning\"],\"inLanguage\":\"en\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/\",\"url\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/\",\"name\":\"Investing in the next generation - Encore Consultants\",\"isPartOf\":{\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/#website\"},\"datePublished\":\"2021-11-30T19:14:26+00:00\",\"dateModified\":\"2022-01-05T16:20:39+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/#breadcrumb\"},\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Investing in the next generation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/#website\",\"url\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/\",\"name\":\"Encore Consultants\",\"description\":\"Better Business and Strong Legacies\",\"publisher\":{\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/#organization\",\"name\":\"Encore-Consultants\",\"url\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/#\/schema\/logo\/image\/\",\"url\":\"http:\/\/www.encore-consultants.net\/stagingNov2022\/wp-content\/uploads\/2022\/01\/Encore-Consultants-trans.png\",\"contentUrl\":\"http:\/\/www.encore-consultants.net\/stagingNov2022\/wp-content\/uploads\/2022\/01\/Encore-Consultants-trans.png\",\"width\":1161,\"height\":504,\"caption\":\"Encore-Consultants\"},\"image\":{\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.linkedin.com\/company\/2652263\",\"https:\/\/www.youtube.com\/channel\/UCwvakBPnMIDAyWKXmOwI76A\",\"https:\/\/www.facebook.com\/EncoreConsultants\",\"https:\/\/twitter.com\/Tim_at_Encore\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/#\/schema\/person\/84557208205b681364a49289d3fb840c\",\"name\":\"Liz Griffith\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1b650f8c907be8ce0aefe655212549d0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1b650f8c907be8ce0aefe655212549d0?s=96&d=mm&r=g\",\"caption\":\"Liz Griffith\"},\"url\":\"https:\/\/www.encore-consultants.net\/stagingNov2022\/author\/liz-griffith\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Investing in the next generation - Encore Consultants","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/","og_locale":"en_US","og_type":"article","og_title":"Investing in the next generation - Encore Consultants","og_description":"Just like any investment, the earlier you start the more it has time to grow and develop. You invest in your business; you invest in&hellip;","og_url":"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/","og_site_name":"Encore Consultants","article_publisher":"https:\/\/www.facebook.com\/EncoreConsultants","article_published_time":"2021-11-30T19:14:26+00:00","article_modified_time":"2022-01-05T16:20:39+00:00","og_image":[{"url":"http:\/\/www.encore-consultants.net\/stagingNov2022\/wp-content\/uploads\/2021\/11\/Build-a-business-twitter-1024x576.png"}],"author":"Liz Griffith","twitter_card":"summary_large_image","twitter_creator":"@Tim_at_Encore","twitter_site":"@Tim_at_Encore","twitter_misc":{"Written by":"Liz Griffith","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/#article","isPartOf":{"@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/"},"author":{"name":"Liz Griffith","@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/#\/schema\/person\/84557208205b681364a49289d3fb840c"},"headline":"Investing in the next generation","datePublished":"2021-11-30T19:14:26+00:00","dateModified":"2022-01-05T16:20:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/"},"wordCount":799,"publisher":{"@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/#organization"},"articleSection":["Succession Planning"],"inLanguage":"en"},{"@type":"WebPage","@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/","url":"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/","name":"Investing in the next generation - Encore Consultants","isPartOf":{"@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/#website"},"datePublished":"2021-11-30T19:14:26+00:00","dateModified":"2022-01-05T16:20:39+00:00","breadcrumb":{"@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/#breadcrumb"},"inLanguage":"en","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/investing-in-the-next-generation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.encore-consultants.net\/stagingNov2022\/"},{"@type":"ListItem","position":2,"name":"Investing in the next generation"}]},{"@type":"WebSite","@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/#website","url":"https:\/\/www.encore-consultants.net\/stagingNov2022\/","name":"Encore Consultants","description":"Better Business and Strong Legacies","publisher":{"@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.encore-consultants.net\/stagingNov2022\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en"},{"@type":"Organization","@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/#organization","name":"Encore-Consultants","url":"https:\/\/www.encore-consultants.net\/stagingNov2022\/","logo":{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/#\/schema\/logo\/image\/","url":"http:\/\/www.encore-consultants.net\/stagingNov2022\/wp-content\/uploads\/2022\/01\/Encore-Consultants-trans.png","contentUrl":"http:\/\/www.encore-consultants.net\/stagingNov2022\/wp-content\/uploads\/2022\/01\/Encore-Consultants-trans.png","width":1161,"height":504,"caption":"Encore-Consultants"},"image":{"@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/2652263","https:\/\/www.youtube.com\/channel\/UCwvakBPnMIDAyWKXmOwI76A","https:\/\/www.facebook.com\/EncoreConsultants","https:\/\/twitter.com\/Tim_at_Encore"]},{"@type":"Person","@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/#\/schema\/person\/84557208205b681364a49289d3fb840c","name":"Liz Griffith","image":{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/www.encore-consultants.net\/stagingNov2022\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1b650f8c907be8ce0aefe655212549d0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1b650f8c907be8ce0aefe655212549d0?s=96&d=mm&r=g","caption":"Liz Griffith"},"url":"https:\/\/www.encore-consultants.net\/stagingNov2022\/author\/liz-griffith\/"}]}},"_links":{"self":[{"href":"https:\/\/www.encore-consultants.net\/stagingNov2022\/wp-json\/wp\/v2\/posts\/2023"}],"collection":[{"href":"https:\/\/www.encore-consultants.net\/stagingNov2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.encore-consultants.net\/stagingNov2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.encore-consultants.net\/stagingNov2022\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.encore-consultants.net\/stagingNov2022\/wp-json\/wp\/v2\/comments?post=2023"}],"version-history":[{"count":6,"href":"https:\/\/www.encore-consultants.net\/stagingNov2022\/wp-json\/wp\/v2\/posts\/2023\/revisions"}],"predecessor-version":[{"id":2063,"href":"https:\/\/www.encore-consultants.net\/stagingNov2022\/wp-json\/wp\/v2\/posts\/2023\/revisions\/2063"}],"wp:attachment":[{"href":"https:\/\/www.encore-consultants.net\/stagingNov2022\/wp-json\/wp\/v2\/media?parent=2023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.encore-consultants.net\/stagingNov2022\/wp-json\/wp\/v2\/categories?post=2023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.encore-consultants.net\/stagingNov2022\/wp-json\/wp\/v2\/tags?post=2023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}