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From Me to We: Navigating Family Dynamics in Succession

From Me to We: Navigating Family Dynamics in Succession

FromFarm4Profit Podcast


From Me to We: Navigating Family Dynamics in Succession

FromFarm4Profit Podcast

ratings:
Length:
73 minutes
Released:
Feb 5, 2024
Format:
Podcast episode

Description

Intro:  My name is Andy Caygeon Junkin.  Originally from Bobcaygeon Ontario and most of my friends call me Bobcaygeon or Caygeon.  Married American farmgirl and live in Mt. Vernon Iowa.  Company name is www.Stubborn.Farm  and I just wrote my 7th book "Stubborn".  My nice:  I help stubborn farmers work better together 1/  What is the one thing that is the difference of perspective between generations about succession planning.   the analogy to a girl being in a long term relationship and yet no ring.  The need for commitment.  2/  What is the one thing that successors don't get, that causes their parents to be hesitant?  (Three points on Page 1 of attached).  What do you suggest that is different than what normal farm succession planners suggest?  (9,000 hour rule -I'll take 4 minutes to explain it)4/  Over that two year period, what are you trying to do?  Why not just do succession planning in two meetings:  (need for humility vs. pride.  The need to get rid of arrogance and create a culture whereby everyone is humble and listening to each other FIRST, prior to the conversation).  Get a performance review starting with successor for 6 months, then 360 degrees for two years.  5/  Why take the extra time?  Why not just have someone come out and sell you a life insurance policy in an afternoon?  6/  Why did you write this book? No money in writing books for farmers.  Completely different perspective change how farming is done.  7/  When is the right time to start doing succession planning? 8/  What is the benefit nobody really thinks about before starting your process?  5/  How does a successor get the process started, do you pull an ultimatum or what?   In your experience, what is the common misunderstanding or oversight by successors that causes hesitation from their parents, as outlined in the three points on Page 1 of the attached?Initiating the process as a successor can be challenging. How do you recommend successors approach this, emphasizing humility and the need to create a culture of humble listening within the family?Can you share a benefit of the succession planning process that people might overlook or not consider before starting it, especially in terms of improving family decision-making and its impact on farm profitability?Conclusion:  How do you learn something new the best?They can access a free copy of the audiobook (listen to it like a podcast) at www.stubborn.farm Avoiding succession planning in a family business can have significant adverse effects on mental health for all involved parties. Here are some potential impacts:Stress and Anxiety: The uncertainty about the future and the lack of a clear succession plan can lead to heightened stress and anxiety levels among family members. Concerns about the business's continuity and the financial well-being of each member can be overwhelming.Interpersonal Strain: Without a structured succession plan, family members may experience increased tension and conflicts. Ambiguity about roles, responsibilities, and future leadership can strain relationships, leading to resentment and misunderstandings.Feelings of Uncertainty: Individuals involved in the family business may feel a sense of insecurity when succession planning is neglected. Not knowing who will take over the business or how it will be managed can create a constant undercurrent of uncertainty.Impact on Leadership: For the current business leaders, the lack of a clear succession plan may hinder their ability to confidently step back or retire. The pressure to continue leading the business without a defined transition plan can lead to burnout and a decline in mental well-being.Family Dynamics: Succession planning involves open communication and collaboration. Without it, family members may experience a breakdown in communication, leading to isolation and strained family dynamics. This can affect both personal relationships and business interactions.Loss of Identity and Purpose: Family businesses often carry a se
Released:
Feb 5, 2024
Format:
Podcast episode

Titles in the series (100)

Our mission is to provide farms and operators an independent and unbiased outlet for information related to increasing the profitability of their farming operation. We will be providing farms and operators of all sizes and experience levels access to the latest trends, projections, and the tools necessary to increase farming profitability. We will take each episode to deliver latest news, what's working for active farms, and a topic of focus each episode. Remember, if you aren't farming for profit you won't be farming for long.