According to The Practical Lawyer, 90% of all businesses in the United States are family businesses. These are businesses owned or controlled by members of the same family.
Family owned businesses are very important to the US economy, creating 60% of total US employment, 78% of all new jobs, and 75% of wages paid. Over the [...]
Entries Tagged as 'Family farm succession'
Four Solutions For a Successful Family Business Succession
June 17th, 2010 · No Comments · Family Business Succession, Farm Estate Planning, Management Succession, Planning for Succession, Succession Planning
Tags: Family Business Succession·Family farm succession·Farm Estate Planning·Farm succession planning
Farm Succession Plans Almost Always Fail
June 13th, 2010 · No Comments · Farm Succession Planning, Planning for Succession, Succession Planning
During my career I have found that most succession plans fail.
The plan itself might or might not have achieved the family’s objectives for farm succession and transition to the next generation, but it ran out of gas before it was ever completed.
It ran out of gas because there was no one in charge – no [...]
Tags: business succession planning·Family farm succession·Farm succession planning
Farm Succession Planning is Passing Down the Farm, Right?
June 4th, 2010 · No Comments · Farm Succession Planning
Some of you got it right, passing down the farm is farm succession from the current generation of owners to the next, the folks who are going to be owning and running the farm in the 21st. Century.
Almost nine years ago we registered our domain name because we had been told that the older a [...]
Tags: Family Business Succession·Family farm succession·Farm Estate Planning·farm strategic planning·Farm succession planning·Planning for Succession·succession and planning
Farm Succession When You Get “A Round Tuit”
June 1st, 2010 · No Comments · Family Business Succession, Farm Succession Planning, Management Succession, Planning for Succession
For a farm succession plan to succeed there must be a timetable for specific actions to take place. Everyone involved must be able to see when certain benchmarks are reached.
If there is no agreement on when certain elements of the process will be put in place – why should they believe you are really serious [...]
Tags: business succession planning·Family farm succession·Farm succession planning
