What Dairy’s Next Generation Needs for Succession Success Presenter: Elaine Froese, CAFA, CHICoach Text: 1-204-534-7466

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Presentation transcript:

What Dairy’s Next Generation Needs for Succession Success Presenter: Elaine Froese, CAFA, CHICoach Text:

Clarity Certainty Commitment to act

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

The Neutral ZONE William Bridges What needs to end ? What needs to begin ?

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

Why don’t you want what I want? HEART… feels goodI like it! GUT…trust it worksI trust you! HEAD…understandI get it!

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

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?

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

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

Intent, Action, Effect INTENT EFFECT ACTION

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

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!

Discuss the UNDISCUSSABULL TM Talk about the issues Define what success means to your operation and all generations.

Clarity Certainty Commitment to ACT!