#AGLEGACY #FarmSuccession #EstatePlanning
How do you plan to successfully transfer management duties in your AG LEGACY?
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, there might be times when that individual is either unable, uninterested, or is actually a poor choice to continue the family’s Ag Legacy.
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, and should not be taken lightly. The same is true for other leadership positions within the business.
It is also important to consider which management style fits your family business best. The most common style for many businesses is the unitary model where one person takes on the leadership role.
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.
