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Retaining Key Employees During Transition

Oftentimes, we work with agribusinesses that have long-term key employees who are critical to the success of the operation.  Without these capable successors and employees, many businesses do not survive the departure of the owner. The chance for endurance is further diminished if key employees choose to jump ship instead of adapting to the new owners and management. Therefore, a comprehensive succession plan should contain strategies to identify and retain these essential team members.

Do you really need a buy/sell agreement?

Dave and Jim, brothers in their late 50s, had just celebrated the 60th year the farming operation had been in the family.  The next morning, Jim was out doing routine farm chores and suffered a fatal heart attack.  Dave suddenly lost his brother, best friend and business partner.  After the estate was settled, Dave found himself with a new business partner and owner, Jim’s wife, Carol.

Premium Content – eTool: Family Meeting Agenda Builder

Planning your first family meeting?  Don’t forget to utilize eLegacyConnect’s interactive family meeting tool to build an agenda for your meeting.  With over 40 predefined topics to choose from and the ability to add your own custom topics, creating your first agenda is a breeze.

Importance of a Written Family Meeting Agenda

Most families create agendas for their meetings, however they usually are managed informally.  Often times, participants may not be aware that an agenda even exists.  Rather, issues, concerns and priorities are the result of conversations in the truck on the way into town, at the shop, or around the dinner table.  The challenge with an informal agenda process for a family succession meeting is to ensure that all action/follow up items are implemented.