As a farmer, you’ve sustained the lives of 155 people throughout your years of back-breaking work. Your blood, sweat and tears have been the lifeblood of your community, and the lifeblood of the human race. If you ever wonder if what you’ve done has made an impact, rest assured it has. So when it comes to your business, it’s important to make sure that it leaves behind the same legacy.
At Alltech’s Global 500, family business facilitator Mandi McLeod of Systems Insights, Ltd. in New Zealand shared insightful tips on proper succession planning, and how to successfully transition a business from one generation to the next.
McLeod explained that a variety of issues can arise when it comes to formulating a succession plan – whether it’s familial disagreements, children’s lack of interest in sustaining the family farm, disorganization in dividing responsibilities or simply a lack of direction when planning.
“[It’s important to] remember that family businesses have three discrete but connected entities: the family entity, the management of the business entity, and the ownership of the business entity. Unless we can look at who people are in their family units, in their business units, and as owners, we’ll never be able to create sustainable family businesses going into the future.”
Watch this video to gain a better understanding of your own role in planning for the future, and what next steps you can take towards ensuring your business’s legacy lasts well beyond your own lifetime.
Want to learn more about succession planning?
Register for our 30th Annual Alltech International Symposium taking place in Lexington, KY May 18-21. Dr. Damien McLoughlin, professor at UCD Michael Smurfit Graduate Business School, will address the question of, “What happens next?” and share his knowledge on strategic succession planning to ensure the life of a business during the Business & Technology session.