Historically, the generational transfer of agricultural businesses has been fraught with challenges. A well-thought out plan makes the process smooth and encourages creativity.
Six steps are outlined for creating a healthy, profitable and supportive transfer of control:
- Support their desire to be independent
- Be an appreciative audience for their ideas
- Encourage diverse experiences, exposure to new ways of doing things and collaboration with other professionals
- Create psychological safety to maximize learning from failure
- Give appropriate recognition
- Be a team
Source: AgWeb, April 7, 2020. Link.
One doesn’t manage creativity; one manages for creativity.”
INSIGHTS: These principles are universal for farmers, veterinary clinics, independent retailers and even business units.