#AGLEGACY #FarmSuccession #EstatePlanning
There may be times when the person designated as the one to take over is either unable, uninterested, or is actually a poor choice.
See: AGLEGACY.org > Modules
IT IS COMMON for families to look to the eldest son to take the reins as the older generation steps back. However,
If management is important, then the process for selecting the right manager is one of the most important steps in forming or passing on a family business. The same is true for other leadership positions within the business.
When a new manager takes over, or family members return to the farm or ranch, it can seem appropriate to add new enterprises or outputs. Some common mistakes when trying to increase revenues include lack of concern with cash flow and the productivity of capital. Many managers tend to seek new funds instead of making better use of those they already have.
