Videos

Reading Time: < 1 minute “All this will be yours someday.” That doesn’t constitute a succession plan. Farm family coach Elaine Froese says keeping the next generation on the farm depends on defining a clear future.

Reading Time: < 1 minute What if the son screws up and the boss says he should be fired, but boss is mom or dad? Dr. John Fast talks about the importance of clarifying the roles in a farm family business.

Reading Time: < 1 minute Most parents attempt to treat children equally but in a family business that approach can sow the seeds of future family disharmony and farm business failure. In business equal does not necessarily mean fair.

Reading Time: < 1 minute Running a family business is a journey that has a destination.  The point of a succession plan is to safely get you to the destination. A good succession plan makes the difference between a good landing and a bumpy one.

Reading Time: < 1 minute When a family business is transferred, you often receive a great deal more than just assets, especially if it’s a farm business. Typically the package comes complete with traditions and family history. While these can provide a sense of direction and pride, more often it leaves the next generation feeling trapped.

Reading Time: < 1 minute The reason landmines are so dangerous is they are unseen; hidden just barely beneath the surface so as not to be seen but close enough to result in maximum destruction. Dr. John Fast warns of landmines in the family business.

Reading Time: < 1 minute Dr. John fast walks us through the symptoms that plague many farm families attempting to turn the business over to the next generation…it’s a condition known as ‘founderitis.’

Reading Time: < 1 minute One of the toughest things to talk about openly in the farm business is “how do we treat our children with our assets?” Certified family business coach Elaine Froese addresses the key question “what do you owe your kids?’