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"Succession is very often the elephant in the room.....
everybody knows it's there, nobody wants to talk about it" Sian Bushell
Why Succession?
When succession planning is not adequately considered in a family business particularly farming families, it can lead to a range of issues and challenges. Succession planning is crucial for ensuring the smooth transfer of ownership and management from one generation to the next.
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If this is a subject that is keeping you awake at night, causing disputes within the family or simply something that you now feel is the right time to start discussing with the family, then book a free, no obligation call with me.
Here are just a few of the issues that can arise when succession planning is not considered.....
Family Conflict
The absence of a clear succession plan can lead to family disputes and conflicts. Siblings, cousins, and other family members may have different expectations and desires regarding the future of the farm, leading to tensions and even legal battles.
Talent Drain
Potential successors may seek opportunities elsewhere if they do not see a clear path to leadership within the family farm. Losing talented family members with valuable experience can be detrimental to the business.
Uncertainty
Without a clear succession plan, family members, as well as employees and other stakeholders, may be uncertain about the future of the farm. This uncertainty can affect motivation, productivity, mental health and long-term planning.
Emotional Toll
Succession planning can be emotionally charged, and family dynamics can be strained. Failing to address succession issues can effectively result in emotional stress and strain on family relationships.
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