View a free recording about management succession plans and other important topics
…before time runs out!
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Where Are We with Management Succession?
Passing a business from one generation to the next involves transferring both ownership and management of the business from one individual to another. Transferring ownership of the family business assets can be fraught with emotional land mines and the possibility of damaged relationships.
The seven-step Succession Planning Process defines not only how to begin, but also important actions to take throughout the entire transition. Steps include: Establish a Timeline, Establish a Planning Team, Select a Successor, Develop a Written Plan, Communicate the Plan, Plan for Retirement, and Enjoy the Future.
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Where Are We with Our Management Succession Plan?
The future success of a family business depends on the ability of the family to transfer management to the next generation, but only 1/3 of family businesses successfully transition. How will you make sure your farm or ranch successfully passes to the next generation?
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Where Are We with Our Management Succession?
Where Are We with
Our Management Succession?
It seems logical to assume that, where the manager and management in general of any family business is critical to its success, the success of that family business into the future depends almost entirely on the ability of the family to transfer management responsibilities to the next generation. However, it is said that only 1/3 of all family businesses successfully transition to the next generation.
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Need Help Establishing Your Legacy?
AG LEGACY Resources can help…
modules, self-paced courses, workbooks, bulletins, links, and much more.
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Helping agriculture nurture its legacy . . .
A legacy is the summation of a lifetime of achievement and the context in which that lifetime will be remembered. A legacy is not just money but a reputation, what was accomplished, and the difference a person makes in the world as they pass through.
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Are You Mentoring the Next Generation?
Formalized Mentoring Program:
* Identify the purpose
* Determine the format
* Brainstorm potential activities
* Create a structure
* Define success
* Commit to the mentoring relationship
Mentor/Mentee Relationship:
Mentor: should be willing to share advice but also act as a sounding board
Mentee: must be willing to interact openly and honestly, ask questions, accept responsibility, and learn from mistakes
What Does Success Look Like?
Both the mentor and the mentee should outline and determine what indicates success in the mentoring process for themselves
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Mentoring?
View a free recording about how to get started mentoring the next generation
…before time runs out!
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How Are You Mentoring?
* Isn’t mentoring the same as coaching? Why or why not?
* How is mentoring better than gaining experience through the school-of-hard-knocks?
* Does a mentoring program need to be formal?
* Aren’t there different types of mentoring for different situations?
* How do I know if I would be a good mentor?
* What do we do if the mentee won’t listen to me?
* If we use a mentoring approach, how will we know if it works?
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How are you mentoring the next generation?
Mentoring is a relationship in which a more experienced or knowledgeable person guides a less experienced or less knowledgeable person through an activity or event in their life. While the mentor can be older or younger than the mentee, they must have a specific expertise which qualifies them.
This approach is similar to coaching but in coaching the goals and the plan of action are often set by the coach. In a mentoring relationship, the mentee sets the goals and formulates the plan under the guidance of the mentor.
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