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How Important is a "Key Person" to the Future of Your Operation?

A key person is crucial to operational success. He or she possesses skills, abilities and/or intellect that may be very difficult, if not impossible to replicate. On the farm, a key person has specific knowledge, unique talents, or distinctive expertise. He or she may allow the business to create a certain value proposition, grow the operation, or manage the team more effectively. A key person is someone you can rely on no matter what.

It Didn't Have to End This Way

Families are at once a blessing and a curse. What starts as an offhand comment can end in dissension. Family business lore is replete with stories of legal battles and appointed judges destroying a family while settling a property dispute.

Your Ultimate Harvest

Succession is affected by everything, family dynamics, economic cycles, land values, tax law, and environmental regulations, just to name a few. There’s no way to narrow it down to a single issue or prescribed standards of solution.

Think Outside the Box

The top managers are more likely to seek input and expertise from outside the business. They recognize the limitations of being at the top of their industry. For example, if you’re the best producer of a particular commodity, how much are you going to learn from other producers of the same commodity? They may learn a lot from you, but what you’re able to learn from them may be limited.

Why are Advance Healthcare Directives Important?

Imagine: You are in an accident that leaves you comatose. The doctors determine that you will never regain consciousnesses and the only thing keeping you alive is a feeding tube. You have no “Living Will” in place. The family disagrees on whether to remove the feeding tube to allow you to die. Such dispute can tear a family apart.