FARM BUSINESS NEWS
Woodbury: Family Business Matters
Lance Woodbury DTN Farm Business Adviser
Fri Apr 25, 2014 10:33 AM CDT

There are few things in a family business more important -- and complicated -- than developing a good succession plan. Good succession planning is difficult, however, because it is an evolving and dynamic process that includes multiple areas of ownership and management. It is dependent on the attitudes, knowledge and skills of all of the participants, not just of those letting go. And it is deeply connected to the life-stages, self-esteem and relationships of everyone involved. Comprehensive succession planning is a process unique to the particulars of each family business and thus does not easily lend itself to a one-size-fits-all ...

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