To be profitable in the long term, family agribusinesses need to confront the obstacles inherent in succession planning. These obstacles often prevent family members from moving from their current state to navigating the succession planning process smoothly and successfully.
CHALLENGE 1: LACK OF APPRECIATION, RECOGNITION, AND LOVE
The problem: The senior generation desperately wants appreciation from their adult children, but they will deny this fact to their dying day! Younger-generation adult children have the same issue: they are still looking for recognition from their parents for their accomplishments and uniqueness.
The lack of feeling recognised and appreciated underlies many of the problems in family-owned agribusinesses. There is an implicit assumption that people are loved, but the fact that it is rarely expressed often creates an obstacle.
The solution: Teaching family members how to talk about their expectations of each other in an emotional sense, and how to express appreciation, recognition and love. Many families have a hard time doing this, and just take it for granted. Most families need to learn that the emotional bottom line in a family-owned agribusiness is just as important, if not more so, than the financial bottom line. Appreciation, recognition and love need to be expressed regularly.
CHALLENGE 2: LACK OF FORGIVENESS
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