BUSINESS plans were due to a breakdown of trust and communications within the family. Another 25% of the failures were caused by failure to prepare heirs to lead the business, while 12% were due to a failure of mission or vision. Only 3% of the failures were due to a poorly designed plan. (Source: Williams and Preisser Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values). Trust and communication We've witnessed trust and communication issues with the clients we serve. Perhaps you have as well? Maybe even in your own family or a neighboring farm? Often, Dad is a stoic individual, and not a particularly good communicator. He's happier in the cab of his combine than in a meeting. Clients' children often tell us: " We're frustrated. Dad won't tell us 'the plan.' Or even if there is a plan! When will he step aside or scale back and give us a chance? When will he feel we will be ready? What do we have to do to get there? Which of us will run the operation when he's gone? What will the other siblings' roles be? " We've also seen sibling rivalry and friction, sometimes stemming from perceived slights dating back to high school. Occasionally, there is a perception that one of the YET AN MIT/JOHNS HOPKINS STUDY DETERMINED THAT 60% OF FAILED SUCCESSION PLANS WERE DUE TO A BREAKDOWN OF TRUST AND COMMUNICATIONS WITHIN THE FAMILY. children is getting preferential treatment. Dad's always managed to keep a lid on the pot, but will it boil over when he's longer at the helm? We've seen situations where a son-in-law or daughter-in-law who didn't grow up in a farm family has understandable concern about their future financial security. Not knowing what " the plan " is can cause fear and resentment. Occasionally these concerns are insurmountable, but more often good communication can settle things down. But these can be emotionally charged conversations, and may require an impartial facilitator/moderator who doesn't share your last name! blueberry plants from blueberry growers Work with us to determine the best plants for your growing needs! 25 varieties available MSU & MNRC Varieties Virus Tested We grow cranberry plants too! degrandchamps.com/nursery/ sales@degrandchamps.com South Haven, Michigan 26 | MARCH 2024 269-637-3915http://www.degrandchamps.com/nursery/ http://www.summittreesales.com