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Cultivating Multigenerational Success in the Agricultural Community
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Blog
Step Up as a Leader
From Legacy Moment eNewsletter (May 07, 2010) Please join us for future issues, delivered via email each Friday. Given today’s razor-thin margins, environmental pressures and capital requirements, leadership development is often the least concern for farm managers. Yet leadership development is key to continuing success. Our Leadership Skills Inventory will help focus your limited resources on developmental needs. ...
Define Your Dream
“Dream and, as you dream, so will you become.” My daughter Sara is an avid horse person. If you are, or have been around a person totally wrapped up in horses, you know what I mean. It’s like a fever for which the only cure is more exposure to the virus that caused the illness. Recently, I received an email from her about wanting a ‘new&rsq...
Management and Leadership
Is management or leadership the key to success? The easy answer is both. Good management and leadership skills are necessary to successful grow a business operation. Management is focused on duties, systems and tasks---things that must be accomplished, rudiments of a job that must be completed. Leadership is focused on how to accomplish something, with who and using what resources. Management is doing things right, whereas lead...
Next Generation Leaders
Most next generation leaders have a good education and valuable experience. They know the fundamentals and can perform the rudiments of the job. Yet they often crave more vocational (professional) development, especially as it relates to leadership. To grow an operation that is bigger, better, stronger and faster, a leader must be well- versed in people management, team development, projec...
Lead On!
"Lack of leadership may be the single biggest void in modern agriculture..." "Lead On!", Jeanne Bernick's overview of farm leadership issues (Top Producer, October 2009), includes a list of 'Leadership Characteristics to Cultivate'.
On Becoming a Strong Leader
What characteristics define an effective leader? How may the next generation leaders better prepare themselves for the crucial role in their future? Who has that special kind of leadership, primed and excited to skillfully guide your own operation in the decades ahead? Consider these questions as you listen to Kevin Spafford's conversation with Jeanne Bernick on Top Producer Radio (3:46). For more on leadership development: Download Legacy by Design's Leadership Sk...
The Gift of Independence
"The greatest gifts you can give your children are the roots of responsibility and the wings of independence." (Denis Waitley, Author) This Independence Day, wishing your family all the blessings of self-determination.
Learning as a Way of Life
The failure rate is enormous. 70% of first generation family businesses will not successfully transition to the next generation. Of the survivors, 90% will not transition to the third and of the very few remaining, 96% will not reach the fourth generation operations. As a family business owner, you know the statistics. You may even be able to recite the reasons most family business owners fail – 1) Inadequate Estate Planning, 2) Insufficient Capitalization, and 3) Failure to prepare the...
Bravado, Moxie and Success
Not one to fawn over the famous, but this obituary caught my attention. To be included in the ‘Remembrances’ section of the Wall Street Journal is a big deal. To warrant a quarter page, is a testament to the profile of that particular person. James G. Boswell, II was just such a character. He exemplified many of the traits we admire in great leaders. He was a trend setter, he was fearless, he had a big vision and h...
Mentoring Featured as a "Successful Habit"
On AgDay's Seven Habits of Successful Farmer Series, the final important habit is cited as mentoring. As the piece notes, "Sharing learned knowledge" is a critical element for any successful farmer. The four minute piece is worth a listen. If you are interested in mentoring in the agricultural community, please let us know. Review Full List of Successful Habits
Leadership Strength in Your Agribusiness
The vigor of an organization is only as good as the leadership that drives the operation. Management has never been a seat-of-your-pants vocation. Leaders need education and development to succeed in today’s challenging marketplace. Development programs should be tailored to serve the individual needs and the specific responsibilities of the role. Just as a business plan details the systems, machinery, and tools necessa...
Leadership to Believe In
If you listen really hard you can hear it. Not the rush of a swollen winter creek or an airplane passing overhead, but the screaming void of leadership across America. We just elected a President, not based on his experience and wisdom, rather for his ability to eloquently articulate hope. Not for his accomplishments or good judgment, but for his pretentious speech of change. Imagine the most powerful nation in the world, long ago founded in independence, now res...
For the Next Generations
In researching material for a presentation, I came across “The Bridge Builder” - a poem written by Will Allen Dromgoole (1860 - 1934). She authored 7500 poems, 5000 essays and thirteen books from her home in Murfreesboro, TN. As with many classic works, the language may be dated, but the principles are as applicable today as when they were written 100 years ago. Are you a bridge builder? THE BRIDGE BUILDER An old man, going a lone highway, Ca...
Yes - we can.
"A Nation of We Can't?", from Young Farmers & Ranchers' Todd Hadrick poses the question - "When did 'We Can't' become our national motto?". In his July 7th post on the American Farm Bureau Federation website, Todd states, "Many of us in agriculture have several generations of the land in our blood. This did not happen because our ancestors said 'we can't'. We are the product of people that said 'we can'.
Time to Transition to the Next Generation?
Thank you, Kindra Gordon* of Western Cowman, for pointing out one of the many hazards of an incomplete succession plan. An unwillingness to transition management / control to the next generation is a recipe for sure disaster. Whenever this situation unfolds, I am reminded of a friend who spent decades looking forward to 'going home to farm.' The operation wasn't big enough to support two families, so he waited until retirement. When he left the corporate world, he moved to Iowa to farm wi...
Leadership: The Notable Difference (Part 4 of 4)
The skills of good leadership are not learned in a vacuum. We must utilize educational systems, mentoring relationships, daily experiences and new opportunities to learn. The good leader should: - Perform a self-assessment, objectively measuring personal leadership skills, abilities and aptitude for achievement. - Design a personal leadership skills improvement plan - including education, experiential exercise and practical applications. - Seek mentor/mentee relationships that ...
Leadership: The Notable Difference (Part 3 of 4)
The cry for leadership has never been more widespread. We sense a lack of leadership in many of our day-to-day encounters. - Many businesses are peopled by the less-than-ambitious who conduct themselves as if the customer were an irritant. - We watch as our elected officials fumble with the crises of the day, benignly responding to ethical issues, financial woes and security threats. - Moral fortitude is treated as old fashioned. - Entitlement is an American right by residential ...
Leadership: The Notable Difference (Part 2 of 4)
For a business, the summit is: - Sales - Profit increases - Equity growth - Expansion - People development To succeed in business, or any endeavor, we must overcome inertia, confront preconceived ideas, face self-limiting thoughts, construct plans and take physical actions. The most important determinate of business success is the ability to recruit, nurture and retain good leaders. Leaders are necessary at every level in an organization. The good news is - leadership begets leadersh...
Leadership: The Notable Difference (Part 1 of 4)
"When men climb a mountain together, the rope between them is more than a mere physical aid to an ascent; it is a symbol of the spirit of the enterprise. It is a symbol of men banded together in a common effort of will and strength - not against this or that imagined foeman of the instant, but against their only true enemies - inertia, cowardice, greed, ignorance, and all the weaknesses of the spirit." - George I. Bell K-2 - The Savage Mou...
Succession Planning: An Investment in People
"An old Chinese proverb says if you want to be successful for one year, grow grain. If you want to be successful for 10 years, grow trees and if you want to be successful for 100 years, grow people. A healthy succession plan is really an investment in people. It's the way for a dream, the farm, to carry on for generations." Katharine Bondy Western Leadership Centre (Calgary, Alberta)
Leadership for your Agribusiness
Prominent minds share thoughts on leadership: "Good leaders make people feel that they're at the very heart of things, not at the periphery. Everyone feels that he or she makes a difference to the success of the organization. When that happens, people feel centered and that gives their work meaning." ~ Warren Bennis - Scholar / Author ~ ____________________________________________ "Leadership is the special quality which enables people to stand up and pull the rest o...
Young Farmers: Multigenerational Dreams
A survey conducted at the recent Young Farmers & Ranchers national conference in Baltimore expressed the high hopes of today's young ag leaders. From "Young Farmers and Ranchers Anticipate Bright Future" on the American Farm Bureau website: "92 percent of today's young farmers and ranchers see themselves remaining in farming for the rest of their lives, and 95 percent would like to see their children follow in their footsteps. 84 percent believe their children will b...
Moving Toward Ownership Transition
Continued from yesterday's entry... A Leadership Skills Inventory allows an owner to detail a development plan for the manager candidate. This will formalize the training and development process by which the successor may attain the leadership skills needed for a management position. Through this process, both will benefit from having specific steps and goals in writing. In developing a customized plan, bear in mind that the specific demands of each agribusiness are unique - as a combinat...
Early Planning for Succession
Farm Succession Decisions Require Long-Range Plans by Caroline Booth Lara (Southwest Farm Press; October 2006) recaps an interview with Danny Klinefelter, Texas Cooperative Extension Economist. Early communication is encouraged. "One positive aspect of early planning is that it allows the child to be developed as a successor, giving them time to become deeply familiar with all aspects of the operation, both internal and external. Professional development is key in farming and ranching,...
Prioritize Planning
Too Many Companies Lack Succession Plans - Wasting Time, Talent (by Carol Hymowitz in the November 26, 2007 Wall Street Journal) covers the complexities of management evolution in the corporate world - - - yet the challenges are strikingly similar to those faced by agribusiness owners. Hymowitz talks about prioritizing the identification of talent, allowing time to groom successors. Hymowitz states, "In today's changing business landscape, companies need leaders with strengths and tal...
Bright Future for Agriculture
We appreciate this entry offered by Chris Chinn on the Young Farmers & Ranchers Blog (10/30/2007). Chris attended the recent FFA National Convention and came away with a revitalized respect for America's next generation of farmers: "They are prepared for the challenges they may face and determined to succeed I am proud of these kids and their optimistic approach to having a bright future in agriculture. There is no doubt in my mind these kids will make a difference in informing ou...
Selecting a Successor for your Agribusiness
"Choosing among your children is the single biggest roadblock to selecting a successor. This is especially true when multiple family members are involved in the farming operation. It may be that only one child works in the business, but does not have the requisite skills to manage the operation. You may have several children, but not all of them work in the business. What about your loyal employees? What if he or she is the right arm of your business?... The emotional strings that m...
Succession Planning Today
In "Tom Peters Times" (October 2007), Tom Peters Company President/CEO Juli Ann Reynolds writes about what she calls "Succession Planning in a YouTube World". In the piece, she explores the "most dramatic change in the business world" since the publication of Peters' In Search of Excellence a whopping 25 years ago. Back in 1982, Peters recognized the impact of making a "long-term investment" in employees, but today's business world is faced with a &qu...
It's never too soon...
Never Too Early to Start Succession Planning by Tiare Rath on About.com includes an interview with Todd Millay, executive director of the Wharton Global Family Alliance. To make your succession plan work, Millay encourages the family business owner to, "Keep an open mind. Regardless of their blood relationship, it's important to evaluate your successor's professional and personal strengths and weakness vis-a-vis stepping into a leadership role." Summarizing the interview, Rath w...
Succession - through Leadership Development and Beyond
"Leadership succession, continuous growth and innovation do not happen as a matter of course: The very nature of a family business often undercuts these goals, serving as it must all of its stakeholders - customers, employees and current and future owners. A family's 100-year plan attempts - through its family mission statement, the family's financial institutions, and a well-considered succession strategy - to manage these tensions to ensure that both family and busine...
Succession: An Agribusiness Challenge
In Management Development and Succession: An Agribusiness Challenge, Ken D. Duft, Extension Marketing Economist for Washington State University, provides an overview for owners thinking ahead to management needs for the future. Two thoughts from this article: "It is very important for persons... to perceive a clear sequence of advancement opportunities. Moreover, either horizontal or vertical advancement within this perceived structure must be timely. Such movement is essential if th...
The Best Management Team for your Farm
Some thoughts as we head into the Labor Day weekend: "The depth of a sports team's bench often makes the difference in a game. Business is no different. The depth of your management candidate bench determines your ability to succeed... The opportunities to grow a business can be severely limited if you do not have the right personnel with the right skills at the right time... Writing the management responsibility section of the business plan forces you and your current management te...
Try-Outs for the Family Farm...
"Just being next in line to inherit the farm might not qualify farmers for full responsibility. 'That will just get you a try out for the team, it doesn't mean you'll get to play.'" So states John Baker of the Beginning Farmers Center in Ames, Iowa. (Baker was also quoted in yesterday's post. Both items are from Hannah Fletcher's feature, Succession Plan Keeps Farm in Family's Hands from Iowa Farmer Today.)
Succession in Family Business
"Developing good leadership skills involves aspiring leaders learning about themselves, and how to inspire others as well as learning good management practices. Creating opportunities for successors to learn key leadership skills, and considering these skills when choosing a successor for the business, may help improve the success rate for family businesses in the succeeding generation." From Succession in Family Business by Pamela Q. Weaver, CPA (Connecticut CPA, January ...
Leadership Matters
"The traits of a good leader are competence, long-term commitment, personal integrity, and interpersonal communication skills. In addition to these character traits and an attitude of 'growing toward excellence.'... The ability to lead a business venture is the ability to envision the future, articulate the vision, and then muster the necessary resources, people, and production inputs to bring the vision to life. Leadership is difficult to define but easy to recognize." From Legac...
Getting organized for succession planning
The Iowa Society of CPAs reports that "Every Family Business Needs a Succession Plan" (July 10, 2006). The article notes: "... a well-constructed plan is essential to passing the business on to the next generation." The Iowa CPAs advocate for strategies which include: - Begin the process five to ten years before you plan to retire. - Communicate with your family, and get them involved in the process. - Carefully select the right successor. - Develop the successor's ski...
Strong Leadership - the Crop that Counts
For an agribusiness to grow, the owners and current managers must prioritize the advancement and training of key individuals. Ideally, this will be accomplished by means of a structured program which covers everything from creating business process to enhancing leadership skills. An inventory of leadership skills helps you to assess the skills and abilities of the succession candidates. The skills you observe in candidates, accompanied by a description of the depth and breadth of each skil...
Bridging the Gap to Succession
Bridging the Generation Gap, (Entrepreneur.com, January 26, 2007) uses non-agricultural examples to demonstrate the case for "gradual empowerment" of one's children, long before they're ready to take the reins of the family business. The stories in Geoff Williams' piece translate to farm/agribusiness families. As Williams states, "Of course, the best way to ensure a successful succession plan is to actually have a plan." Don't take the big picture for granted. Form...
Succession Planning calls for effective transfer of leadership.
Whether the agribusiness owner is identifying the right manager or searching for the successor of the business, leadership matters! The key is a process that is structured and thorough. You can't just 'wing it' and hope for the best. An effective leadership selection and development process is a critical component of a comprehensive succession plan. One should have a defined method for selecting, and then developing a capable successor or manager. Consistent implementation of a leaders...
Successors on deck
There never was a born farmer. As the saying goes, "If it were easy, everyone would do it." We all need help and guidance to master the responsibilities of our chosen occupation. The early selection and development of an excellent successor is a priority. Mastery cannot be fast-tracked. It's important to map out and formalize the process. This compels you to commit in writing specific expectations for each manager candidate. Each plan is tailored to the skills of the individu...