During the first half of my career, I worked as a dairy nutritionist primarily in Ohio and the eastern Corn Belt, and believe that experience has greatly improved my ability to consult in the business and financial side of dairy operations. I now occasionally have the opportunity to work with my former nutrition clients and am reminded of a conversation that took place many years ago. I walked into the office of one of my prospective nutrition clients for an appointment and found him very agitated. The conversation went something like this: DAIRYMAN: Greg, it may not be a good day for us to talk.

Dairy producers are always asking me to describe what I do. I am often contacted after a peer or trusted adviser has referred them. More times than not, one of the first topics they want to discuss is: “Tell me what you do.” And also more times than not, my first reply will be: “I help people answer the question: ‘What next?’” I truly enjoy helping people answer that question and have been blessed to have had so many ask for my help. Several clients, however, have gotten a little frustrated when they discover how much time I ask them to invest with me to discuss what they’re doing now before we actually begin answering questions about what they should do next.

Many of my clients have heard me say how fascinated I am with families who can work and operate a business together. It’s hard enough to just be family, let alone with the added stress of working side by side for another 40 to 80 hours each week. Families who operate businesses also often have a particular challenge in planning for managerial succession. How and when do parents, aunts, uncles and other senior-generation members stop being directors and become coaches to children and other junior-generation members?

The Cambridge Dictionary defines a “business plan” as a detailed plan describing the future aims of a business. Have you heard the phrase “the devil is in the details”? A great number of talented advisers exist who might offer their opinions regarding important elements to be included in a comprehensive business plan. If you surveyed 10 such people, you would probably see 10 lists with different combinations of suggested categories. I believe three categories are among the most overlooked.