As a practicing probate attorney for over twenty years, I have seen a lot of post-death “drama” involving many families. It is hard enough losing a loved one, but to be enthralled in a battle with family about where the deceased should be buried is something that can be totally avoided.
When I was at the Top Ten Producer Seminar in Chicago, I attended a seminar on branding taught by Brian Deverman. The quality of the seminar was outstanding. The following is an interview I had with Brian in late February 2016.
Good Management Transitions Don’t Happen Organically, They Only Happen if There Is A Planned Transition
Today’s Top Producer Seminar session I want to report on is about how to cultivate the next generation for the transition of management and ownership. This was taught by Danny Klinefelter, of Texas A& M University and a leader in the T.P.A.P. program.
As many of you know, I have a special interest in the agricultural industry. I grew up in Fulton County Ohio and most of my classmates were farmers or people who made their living off of the agricultural industry. There is no more intricate family business than the family farm. The land is where they live and many are run by third and fourth generations.
We covered the first D-Death in our last blog. The following four articles will address disability, disaster, divorce and disagreement and their effects on a businesses. This article addresses the risks of both the family and the business with the owner who suffers from a short term or long term Disability. A Certified Exit Planning Advisor educates business owners on how to prepare the unknown and real possibility of the disabled business owner.
Creating a good succession plan is a large project. The most common reason the plan is never completed is because the business owner does not know where to start. She often does not know how to make the time to work on the business while working in the business so she never gets to the project. It is my experience the owner often starts to hyper ventilate at the thought trying to manage all of the people who have opinions on when, how and to whom the business should be transferred so she give up.
Have you ever heard this, “I am the owner and chief bottle washer of my business?” Every business has its own phases of management. Owners daily recognize themselves fulfilling the duties of a chief operations officer C.O.O., a chief financial officer C.F.O. and a chief executive officer C.E.O. While we readily recognize these roles for people directly working in the business, family members must also recognize and undertake on roles within the family for the benefit of both the business and the family.
No, this is not a bad report card. The Five D’s are threats a company may face that could force the sale of a company or greatly diminish the value of a company. A Certified Exit Planning Advisor educates business owners on how to prepare for these risks. Business owners may not be able to predict when or if any of these events will occur during their term of ownership in the business, but with proper planning, the business can be prepared to deal with these unfortunate five D’s. The following five articles will address these five life-changing events and their effects on your family business.
“The challenge within any relationship, professional or personal, is not to avoid conflict or even be free of conflict, but to be able to engage with conflict in honest, respectful and courteous way.” Rob Parsons, author and mediator. Conflict is a natural part of life and when handled correctly can be productive for a business and a family.
I have been a business owner on and off since I was thirteen years old. It is not polite to ask how old I am. Being a single owner can be very challenging. Who do you discuss, brainstorm, commiserate, plan or argue with? The person in the mirror? How do you hold yourself accountable? Unfortunately, it can’t be done with the face staring back at you in the mirror.
WHERE YOU’VE HEARD AMY
An Interview with Amy Wirtz
Click here to watch the interview >
Event for 20 Group
ARVC Outdoor Hospitality Conference and Expo
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Executive Women in Agriculture Convention
Top Producer Seminar
CARVC Conference and Expo
Wisconsin Association of Campground Owners Convention & Trade Show