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The Great Pause continues to amplify cracks in the family dynamic which may lead to separation and divorce. In my coaching practice, this year for the first time, I am navigating transition planning at the same time the founders are leaving their marriage.
The day I left for college, my mother showed me our farm’s financials and told me if I didn’t come back and improve the farm’s profitability, she was leaving my father.
I spent nine years in college before entering into what my dad refers to as the real world. It was only after college I realized how little those nine years had prepared me for the road that lay ahead.
Work on a dairy farm can be hectic. A lot of your success and efficiency is tied to clarity on who does what and when. Consider creating more energy when you understand what I call the family roles guide.
It got to the point that every time Parker saw Beau’s phone number on his cell’s call display, his gut turned over because he knew his brother was going to yell at him about something else again.
I use the phrase “deal with entitlement.” It’s a bull in the middle of your farm family transition plan that many people avoid talking about. That stops today.
The statistics are heartbreaking. Only 30% of family businesses survive the transition from first- to second-generation ownership. Only 12% make it to the third generation, and only 4% make it to the fourth. So how does a family business ensure its legacy is carried into future generations?
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