Set A Date For Succession Planning


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The succession-planning process is complex and lengthy. To keep your eye on the ball and meet your goals, your family must meet regularly to foster good communication and trust.

For family meetings to be successful, you need to set clear goals and expectations, says Johnne Syverson, a family business consultant with Transition Point Business Advisors in West Des Moines, Iowa.

“It is really important to determine the outcome you want from a family meeting,” Syverson says. “So often, I see families who want just one meeting that encompasses everything, and you just dump on everybody. Then they’ll go home confused and sometimes agitated.”

Explain to your family you want to talk about the future of the farm, suggests Shannon Ferrell, ag law professor at Oklahoma State University Extension. Invite all stakeholders, including spouses.

“No one will cause you more trouble in this process than someone with an emotional stake who isn’t included,” Ferrell says.

Then select a date for the meeting. “Do not have this conversation at a holiday,” Ferrell says. “Yes, it’s convenient, but there’s already enough emotional charge around holidays. Let’s not add to that.”

Choose a neutral location. “Pick a comfortable place, but not anyone’s home,” he says. “You want the place to be free of distractions.”

Set an agenda with a reasonable number of topics, Syverson says. In almost all cases, it is best to bring in an outside facilitator. “Mom or dad have too much of a dog in the hunt. It is kind of emotional, and they’ve not done this before,” he notes.

It might take a few sessions for participants to rally around the value of meetings. “Open, honest communication before and during the meeting is really important because it’s communication and trust that hold families and family businesses together,” he says. 

Related Links:

Family Business Survival Tips

5 Steps To A Succession Plan

 


Farm Journal Legacy Conference
Jan. 14–15, 2019, Chicago, Ill.

Prepare for your farm’s future with this succession planning conference. Hear from the industry’s best experts and have all your questions answered. Learn more and register at tpsummit.com

 
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