Transitioning A Business
Estate planning is an often challenging but also necessary part of farm ownership. Jolene Brown, professional speaker, family business consultant, and author, spoke at the NW Hort Expo earlier this month on understanding some of the key aspects of succession planning; she also had an important question for attendees.
BROWN: Do you want to be a family first business, or a business first family?
Brown explains what it means to be a business first family, and why being a business first family in farm ownership is so important.
BROWN: This means I honor the family so much - I better get the business right. If you want the legacy of the land and your business to continue, you better be getting the business right, or you will have neither family nor business at the end.
Brown says there are mistakes that all families make in a family owned business, not one of the least being the assumption that all genetic relationships equal good working relationships.
BROWN: ‘Just because you were born to somebody means you should be able to work together’. This is not true.
Brown also stresses ...
BROWN: Acceptance in a business is conditional, it is not a birthright.
Brown draws a lot of her insight into family owned ag businesses from her own Iowa corn and soybean farming family. Tomorrow Brown will talk more on some of the tools needed to help families during succession planning.
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I’m Lacy Gray and that’s Washington Ag Today on the Ag Information Network.