The founding generation of a farm may have succeeded by sheer hard work and 80- to 100-hour weeks, but the next one wants to replace some of that time with more professional management. John Fast offers some suggestions to resolve the conflict.
Videos
Generational Differences: hard work vs. professional management
Competence and trust are different things.
Trust works on several levels. Members of a family farm operation can trust each other as individuals, but “trusting someone to do a good job” may not be fair if the person doesn’t have the skills. John Fast says competence and trust are different things.
Clarifying the roles in a farm family business
Most people want to avoid conflict. But left to simmer, conflict can eventually boil over with disastrous consequences for the farm family and farm business. Dr. John Fast talks about dealing with conflict early, and head on.
Defining a clear future for the next generation
“All this will be yours someday.” That doesn’t constitute a succession plan. Farm family coach Elaine Froese says keeping the next generation on the farm depends on defining a clear future.
Dealing with conflict early, and head on
What if the son screws up and the boss says he should be fired, but boss is mom or dad? Dr. John Fast talks about the importance of clarifying the roles in a farm family business.
In business equal does not necessarily mean fair
Most parents attempt to treat children equally but in a family business that approach can sow the seeds of future family disharmony and farm business failure. In business equal does not necessarily mean fair.
A good succession plan makes the difference
Running a family business is a journey that has a destination. The point of a succession plan is to safely get you to the destination. A good succession plan makes the difference between a good landing and a bumpy one.
Get behind the wheel of New Holland’s brand new, belted T9 tractor
Scott Garvey takes a ride with Sean Dorosz, New Holland’s segment leader for high-horsepower tractors, in a new 2012 tracked T9 and looks at its features.
New Holland’s VP on how the company is expanding its product lines
Abe Hughes II, New Holland’s vice-president, sales and marketing for North America, discusses how the company is expanding its product line to appeal to not only its traditional customer base, mixed farmers, but also broad-acre grain and oilseed growers and smaller producers.
Trapped by generations
When a family business is transferred, you often receive a great deal more than just assets, especially if it’s a farm business. Typically the package comes complete with traditions and family history. While these can provide a sense of direction and pride, more often it leaves the next generation feeling trapped.
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