'Developing a strategic plan for the family farm business' - 2017 Borden Farm Business Update

Name: 'Developing a strategic plan for the family farm business' - 2017 Borden Farm Business Update
Uploaded: 2017-02-07T03:31:34+00:00
Duration: 50 s
Channel: Gerri the NVT Guru
Description: A farm business strategist explains why family farms need ongoing strategic plans, not one-time events. The key: involve everyone in the family so…

7 Feb 2017 · 1 min

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A farm business strategist explains why family farms need ongoing strategic plans, not one-time events. The key: involve everyone in the family so succession planning becomes continuous, not a crisis moment when someone retires.

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Strategic planning is a really simple tool that can be used by farm families to help focus everybody on where they're going in the future, where the business growth opportunities are and business development opportunities are, and really importantly, to build in succession planning and transition from one generation to another. One of the things I think that's really challenging for farm families is doing succession planning. And we tend to treat it like an event if we build it into a strategic plan. It's an ongoing process that we constantly go back and review and check in on, just like we would buying pieces of machinery or growing the business through land purchase. So my take home is, let's change our thinking. Let's think about how we can build a strategic plan for a family that includes the whole family so everyone understands what's going on.