Farm
and Business Succession Planning
This may be the time for you to start thinking about what you
are going to do with your farm or business. Spending a life time building a business, knowing that you will be able to
pass it on to the next generation or sell it for its full value, makes a lot of sense to me.
We all worry about
the next generation, wondering if they will have the know-how, the motivation and the ability to carry on the businesses that
we have spent a life time building.
At the end of August I had the opportunity to attend the "2009
International Farm Succession Conference" in Quebec City. This conference had some amazing speakers.
Here are some statistics from Pierrette Desrosier's speech:
- Over 90% of Canadian
Businesses are family owned.
- Over 66% of businesses owners feel isolated and alone in their succession planning.
- 70% of family businesses do not make it to the second generation and 90% don't make it to the third generation.
- Business owners spend up to 80,000 hours building their businesses and only 6 to 15 hours on their succession planning.
(Foundation de L'entrepreuneurship 1994)
These statistics may give you some
ideas as to why it is important to start thinking about Succession Planning early in your career. Many of the speakers
suggested Life Coaching as a perfect way to help you stay motivated and prevent conflict within families
and partnerships. I want you to enjoy building your business. As I quoted earlier from Abraham:
"You might as well decide to start enjoying your life right now, because it's not ever going to
get better than right now--until it gets better right now!"
So
enjoy your life as you build your business. Whether you are in a partnership or you are the sole owner, the happier you are,
the more happiness you will attract to your life and business.
Partnerships can be great,
especially in farming operations, but only if the partnership is well planned. Partners must be well balanced and excellent
communication is a must.
That is why it is important to have a Life Coach (Coach@conradtoner.com) involved as you grow your business. Early succession planning will help you move forward with the confidence that your business
will continue to survive and flourish onto the next generation. I know from experience that this is possible.
Retirement can and should be a fun time in your life. I want you to face your retirement with
excitement and a knowing that things will work out for you. When the next generation or business owner take over the business
that you have spent a life time building, it may be difficult for you to "Let Be" and let go. You may be resistant
to the changes that will be made. How will you avoid interfering? What will you do for the rest of your life? Do you have
a great hobby? Will you resent selling the business? Many people feel empty after selling their businesses or retiring and
die within 2 years of doing so. You will need an action plan, something to keep you happy and challenged.
You will need to know what you want to do with the rest of your life. My life coaching will help you find the challenge
you need to move your life forward. Remember if you don't know what you want you will never know when you have it.
Take advantage of the free Assessment being offered in this news letter by contacting Conrad at
506.473.1785 or by e-mail coach@conradtoner.com
Conrad Toner, CSAC
"Success is a conscious choice!"
http://www.conradtoner.com/
(w) 506.473.1785
(c) 506.475.9673
(h) 506.473.2673