Fall 2020

Northwest Farm Credit: Rural, Real Estate, Operating Loans; Farm Loans; Country Home Loans; Lot Loans; Equipment Financing; Young and Beginning Producers; Crop Insurance; Business Management Education; Property Appraisals

Issue link: http://digital.nexsitepublishing.com/i/1310698

Contents of this Issue


Page 10 of 15

Register Learn more and register for BMC succession programs fall 2020 10 Begin your meeting on a positive note, asking each person what they enjoy most about working in the family business. Then, share that family businesses are like cars with multiple owners. A strong running car and happy co-owners and/or users require that people understand the rules of the road. This meeting is all about understanding what the rules of the road are for owning and/or working in your business together. Interesting questions for your team: • What rules did we agree on? • What rules are written? • What rules are unwritten? • What rules do we need to better define and agree on? • What questions do we need to answer so we're all on the same page? How do we hold ourselves accountable to the rules? Develop a written family business 'rules of the road' following your meeting. In some cases, it may be brief and simple. In other cases, it may initiate or reinforce your values, owner/investor objectives, employee handbook, rules of entry for employment/ownership, code of conduct, etc. In all cases, rules of the road should be shared with all family members affected by the business. Understanding the rules of the road is important for everyone, assuring drivers and passengers understand their responsibility and each other. Make the most of your business and journey together by defining the rules of the road for your business; it will be healthier and the ride will be much happier. Upcoming BMC Succession Programs Virtual Family Business Succession Workshop (Learn the Process) January 7 8:30 a.m. PT / 9:30 a.m. MT Start the conversation and learn a step-by-step process to build your succession plan. Kick-start your succession journey with this 2.5-hour program designed specifically for family businesses in the agriculture, forestry and fisheries industries. All family members should attend. Virtual Succession Conference (Begin Building Your Plan) February 2-23 9 a.m. PT / 10 a.m. MT (Weekly) Attend weekly sessions during the month of February to begin building your strategic succession and estate plan. Between sessions, work together as a family to build your plan with support and opportunities to ask questions of our family business experts throughout the process.

Articles in this issue

Links on this page

view archives of Yields - Fall 2020