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What Dairy’s Next Generation Needs for Succession Success

What Dairy’s Next Generation Needs for Succession Success. Presenter: Elaine Froese, CAFA, CHICoach Text: 1-204-534-7466 Email: elaine@elainefroese.com. Clarity Certainty Commitment to act. Courageous Communication. Conflict resolution…not avoidance

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What Dairy’s Next Generation Needs for Succession Success

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  1. What Dairy’s Next Generation Needs for Succession Success Presenter: Elaine Froese, CAFA, CHICoach Text: 1-204-534-7466 Email: elaine@elainefroese.com

  2. ClarityCertaintyCommitment to act

  3. Courageous Communication • Conflict resolution…not avoidance • Clear vision for dairy business…not broken promises • Certainty of equity ownership proven by next generation’s manager role • Consensus decision making…not disrespect or mistrust • Cash flow to manage debt well…and lifestyle income stream • Consideration for family time

  4. www.elainefroese.com The Neutral ZONE William Bridges What needs to end ? Neutral Zone...high anxiety • What needs to begin ?

  5. Understand Age Needs 20…making it 30…success, mastery 40…taking charge / ownership 50…quality of life 60…legacy, starting over, new roles 70…mentoring 80…elder blessing

  6. Why don’t you wantwhat I want? HEAD…understand I get it! HEART… feels good I like it! GUT…trust it works I trust you!

  7. Founder’s Needs • Income stream for lifestyle • No fear of next generation creating failure • New residence • Fairness to non-dairy heirs • Less stress, less complexity

  8. Emotions Impact Decisions • Identity tied to love of the cows • Letting go to move forward • Be a deal making entrepreneur • Work holism impacts relationships • How to re-invent the founder’s role?

  9. Next Generation Needs • Decisions respected • Time for family and play • Certainty of agreements & ownership • Debt service capacity & income stream • Skill development, trusted advisors

  10. Conflict Costs Money! • 21% more profitable with regular business meetings (Virginia Tech Study) • TOOLS: • Curiosity • Common Interest • Intent Conflict resolution is a business risk management strategy

  11. www.elainefroese.com ACTION Intent, Action, Effect INTENT EFFECT

  12. Women are Successsors • Ireland: Clare O’Keefe • New Zealand: Mandi McLeod • Australia: Christine Baker • USA: Jolene Brown, Dr. David Kohl

  13. Success Factors • Clarity so that conflicting visions are resolved • Clear understanding of roles and age needs • Certainty of contracts and next generation’s ownership • Cash flow for decent income and servicing debt • Commitment to communicate and then ACT!

  14. Discuss the UNDISCUSSABULLTM • Talk about the issues • Define what success means to your operation and all generations.

  15. ClarityCertaintyCommitment to ACT!

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