In a family business, the word “succession” is often followed by the word “plan.” The idea is that handing off the business is mostly about clarifying the goals, timeline and activities that will result in a successful transition.
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What happens when there are no heirs to receive the land or no children to receive the senior generation’s values? I believe the senior generation still has something to offer, although the asset transition strategy is different, and recipients of one’s values include a broader group of people.
The idea of profitability can be useful in thinking about the resources beyond the fiscal “bottom line” of a family-owned enterprise. A family business requires investments beyond dollars to operate successfully; the return on these investments provides the sustenance and incentive to continue the business.
Why not take advantage of the technology skills that young people returning home could bring to the operation?
With market uncertainty from coronavirus impacts, some producers are starting to wonder if they should get out of the business.