May 2024 - 28

BUSINESS
Improve
BY MICHAEL A. COHEN CRPC, CBEC
O
ur previous articles in this series explored the four
quadrants of farm succession planning, including
why every operation needs two distinct succession
plans and the surprising reasons why most plans fail. In
this article, we'll explore strategies to improve your odds.
We've found that the greatest stress point in farm
succession planning is communication. Fortunately,
communication strategies can minimize conflicts and the
breakdown of trust by having a written family mission
and values statement; a written farm employment,
management and ownership plan and regularly
scheduled meetings.
Family mission and values statement
The mission and values statement defines the " why "
of your operation. When developed with the input
and consent of the entire family, this statement can
provide many benefits. A good policy clarifies your
organization's purpose and goals. It also answers the
questions: Why do you farm? What are your objectives?
How do you define success? Additionally, it reminds the
family members (and in-laws) what's important and how
28 | MAY 2024
the Odds
Strategies to enact a successful succession plan
the members should conduct themselves in reaching
common goals. The mission and values statement also
enhances decision-making, particularly when tough
choices elicit differences of opinion, and improves
culture by creating a strong organizational structure
with clear expectations - and helps the family work as
a team to reach its goals.
A strong written agreement is your first line of defense
against family conflict providing needed direction and
reassuring family members that a given decision isn't
capricious, but in line with the long-established policy
for the operation.
Family employment, management
and ownership plan
Most farm families we work with have children on
and off the farm. What happens when an off-farm child
wishes to enter (or re-enter) the operation? Is there an
established process to follow? Disagreements between
family members on this issue can fracture family
relationships, sometimes irreparably.
An effective, written employment, management and
ownership policy should be communicated early and
often and address topics such as:

May 2024

Table of Contents for the Digital Edition of May 2024

Editor's Letter
Biologicals: Advancing research in biocontrols
Cover Story: To price or not to price
2024 Farm Market Report
Grower Profile: Great Bear Vineyards' organic journey
Organic Grower Spring 2024
Business: Improving the odds
Farm Market & Agritourism: What's the difference between markup and margin?
Classifieds
Advertiser Index
May 2024 - 1
May 2024 - 2
May 2024 - 3
May 2024 - Editor's Letter
May 2024 - 5
May 2024 - Biologicals: Advancing research in biocontrols
May 2024 - 7
May 2024 - Cover Story: To price or not to price
May 2024 - 9
May 2024 - 10
May 2024 - 11
May 2024 - 12
May 2024 - 13
May 2024 - 2024 Farm Market Report
May 2024 - 15
May 2024 - Grower Profile: Great Bear Vineyards' organic journey
May 2024 - 17
May 2024 - 18
May 2024 - 19
May 2024 - 20
May 2024 - 21
May 2024 - 22
May 2024 - Organic Grower Spring 2024
May 2024 - 24
May 2024 - 25
May 2024 - 26
May 2024 - 27
May 2024 - Business: Improving the odds
May 2024 - 29
May 2024 - 30
May 2024 - 31
May 2024 - Farm Market & Agritourism: What's the difference between markup and margin?
May 2024 - 33
May 2024 - Classifieds
May 2024 - Advertiser Index
May 2024 - 36
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