When it comes to succession planning, one of the most difficult things to do may be just getting the conversation started. No other topic can get defences up, arouse suspicions or cause divisions like the topic of succession if it’s not handled correctly. Having a pure business discussion with your parents or kids easily crosses the family lines which is a vey sensitive area. Open and honest communication is required throughout the process in a number of areas in order to make sure things go as they should. It’s a process that needs to be carefully mapped out with all parties involved being clear and united on the end goal. It’s also a process that involves the use of outside resources to make the transition happen.
In this episode of the AMI Farm Business E-Team series, Richard Cressman of Richard Cressman Consulting talks about his own succession experience, what he learned and what to consider to make the process as fluid and successful as possible.
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