Lack of a shared vision may be one of the most significant threats to sustaining a family business through multiple generations. Roughly 83% of family farms do not make it to the third generation. Developing your own family’s vision will greatly increase the odds in your favor.

Bob, a dairy farmer colleague of mine, operated a successful 600-cow dairy. Like most of us, he thought he had a lot more time left in this world.

Parents typically have many questions and concerns when it comes to succession planning.