1. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Managing for Today and Tomorrow Succession Planning Part Two Improving Family Communication

2. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Start with Your Communication Practice your listening skills Become more aware of how you send messages –Are you too vague? –Are you assuming the receiver has knowledge they may not have? –Are you using the wrong channel for the message? –Are you asking for feedback?

3. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Take Time to Explain Does the next generation know your wants and desires for the farm and other assets? Off-farm heirs might not understand today’s farm language. Transition planning comes with its own set of terms – does everyone understand what is being said?

4. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Learn about Personality Types and Communication Styles Participate in a communication workshop Hold a farm based Real Colors Workshop Spend some time reading feedback and body language of others

5. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Hold Family Business Meetings Begin holding regular family business meetings. Work out an agreement to allow for consistent and productive meetings. Manage your farm and ranch for today and tomorrow.

6. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Tips for Successful Family Business Meetings Decide who are the “right” people to attend. Chose a person to run the meetings. Distribute an agenda in advance and stick to it. Meet in a neutral place (not at Mom and Dad’s house.) Begin and end meetings on time.

7. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Tips for Successful Family Business Meetings Avoid socializing during the meeting. Expect recorder/secretary to distribute minutes soon after meeting. Minimize reconsideration of actions taken at last meeting. Evaluate the effectiveness of your meetings at least once each year.

8. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Outside Facilitators Can Help –Make sure everyone understands what is being said. –Make sure everyone has a chance to share their input. –Keep the conversation flowing in a positive direction. –Guide the family through difficult discussions.

9. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women General Communication Tips Small agreements build rapport and momentum. Questions are powerful language tools. Express more appreciation and affirmation. Use “I” statements and limit “you” statements.

10. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Help each other by: Establish a home independent of your parents Be consistent in your mood, humor, temperament and cheerfulness Admit your mistakes Ask about what others feel and think Pay attention to non-verbal cues

11. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Help each other by: Encouraging friendly, open conversation Invite and respect differing viewpoints Don’t make assumptions—ask Rephrase to be sure you understand If you have reservations, voice them respectfully

12. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Cautions Some problems are bigger and require more than open communication. Get over past hurts. –This won’t go away after Mom and Dad go, it will only get worse. No one can get everything they want. Families must often overcome history of failed meetings.

13. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women The Good News! Everyone of us can become a better communicator. Every family business can learn to have successful business meetings. Hard work and an open mind earn big rewards.

14. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Friendly Reminders Don’t assume you will have time or feel well enough to complete your “bucket” list. What knowledge has not been transferred? Don’t leave the burden of making decisions to the surviving spouse or next generation. Communicate! Be open about your wishes. There’s no time like today to start; what potential regrets can you eliminate now? Talk to your kids and spouse!

15. Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Communicate about Succession Does the next generation want to farm? Can we all get along? Is there enough income to support multiple families? Do we have a shared vision and specific goals ?