Multigenerational Succession Planning in Family Farm Businesses
Diving into the intricate dynamics of multigenerational family businesses, this presentation explores the past, present, and future generations involved in farming enterprises. It touches upon essential aspects like estate planning, succession planning, and dealing with emotional roadblocks. The journey from the past generation to the next unfolds, highlighting the challenges and strategies for effective communication and team-building within the family unit.
- Family farm businesses
- Multigenerational succession planning
- Estate planning
- Communication
- Team-building
Uploaded on Oct 01, 2024 | 0 Views
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Presentation Transcript
Grandma and Grandpa (The Past Generation) The Brothers and Sisters Kids (The Future) Mom and Dad (The Current Generation) The Brothers and Sisters Spouses Farming Brother and Sister (The Next Generation) Non-Farming Brother and Sister
Succession Planning Other Aspects Estate Planning
Concern Step Concern Step Estate Plan 1 Estate Plan 5 Financial Feasibility 2 Financial 4 Business Plan 3 Business Plan 3 Dealing with Emotional Roadblocks 4 Dealing with Emotional Roadblocks 2 Learning how to Communicate and Teambuilding 5 Learning how to Communicate and Teambuilding 1
Grandma and Grandpa (The Past Generation) The Brothers and Sisters Kids (The Future) Mom and Dad (The Current Generation) The Brothers and Sisters Spouses Farming Brother and Sister (The Next Generation) Non-Farming Brother and Sister
Succession Planning Meeting Meetings Required (1/2 Day Meeting) Team building 1 to 2 Meetings Communications 1 Meeting Conflict management 1 Meeting Business philosophy and strategy Issues 1 to 3 Meetings Operational issues 1 to 3 Meetings Financial issues 1 to 2 Meetings Decision making and work responsibility transition map 1 to 2 Meetings Estate planning 1 to 4 Meetings Plan finalization 1 to 2 Meetings
