Woodbury: Family Business Matters
Lance Woodbury DTN Farm Business Adviser
Mon Jun 2, 2014 06:24 AM CDT

I'm fond of saying that good succession planning doesn't lend itself to one-size-fits-all solutions. Every family may face similar issues such as retirement, land transitions, off-farm heirs, returning family members, growth opportunities or even spousal conflict. Yet each family's history, relationships, culture, business strategy, expectations, personalities and assumptions combine to form a unique, dynamic and evolving transition challenge. Solving the succession puzzle is akin to constantly turning a Rubik's Cube, only to realize that making all sides a solid color is eternally elusive!

While succession has its share of complexity, there are several simple practices that can have an immediate ...

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