MANHATTAN, KS, Nov. 13, 2013 /CNW/ - With Baby Boomers facing retirement age, every family owned business - including every family farm - is fast approaching a change in ownership. The shocking fact is that fewer than 30% of all family businesses transition to the second generation; less than 15% to the third, and fewer than 5% will make it to the fourth. This phenomenal ownership dropout rate is examined in Farming with Family Ain't Always Easy! from case studies, analysis, and solutions.
Taken from real family experiences, the author dissects volatile farming family dynamics, and the rational versus emotional path to decision making in a practical, yet empathetic manner. While centering on the family farm as its model, all of the concepts and scenarios are applicable to the entire spectrum of the "Blue Collar" Family Business.
The family's inter-generational decision making impacts on business growth, risk mitigation and wealth retention: its expansion or its decline. In the broader scope, the business ownership transition will have a major impact on North America's competitive edge within world markets - now, and for the foreseeable future.
In the decade leading up to, and when assets are actually transferred, all involved family members must work together. Open, honest communication is paramount. The way families decide and implement its decisions can easily create a harmonious, or a dysfunctional atmosphere. The manner in which the older generation hands over control can alienate siblings, destroy families, and can easily cause the loss of the family business asset. With so many multinationals moving jobs overseas, the successful succession of the family business unit directly impacts the future viability of the American economy!
This 75 page Book & CD Audiobook provides seven simple concepts that can be applied to any family business to overcome the Family Business Succession curse.
The author wrote the book over four years whereby he mediated farm family disputes during the day, milked water buffalo in the evening and wrote the book into the night. He is a folksy, genuine character with a compelling story.
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SOURCE: Agriculture Strategy
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