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Factoring in both business and family dynamics for a successful transition.
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Building a successful, long-term, transgenerational family enterprise doesn’t happen by accident—although, if you’re part of a multi-generational family business operation, you probably suspected that. To make it into the small club of agriculture businesses that succeed in this arena, you need to have a good handle on the business side of things, as well as the ability to foster a strong family dynamic, so family infighting doesn’t get in the way of your well-laid business plans.
If you want to set your business up on the best financial foot possible, you need a hard-skilled team of lawyers, accountants and financial advisors to help you navigate the complexities of your family enterprise and guide you through the decision-making process.
However, a soft-skilled team of professionals can identify when and where miscommunication may be negatively impacting your business’s growth and take steps to eradicate these barriers. For instance, they can help you better define the different roles and responsibilities involved in the day-to-day operations, as well as how those roles could potentially change, or improve, in the future.
So, which to choose?
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