Meeting others who have experienced the family business succession planning process can be helpful as you go through the process with your own family business. This video will give you some insights into one family's business succession planning experience.
This Iowa family owns a dairy farm. In 1982, the family's youngest adult child, Joe, returned home to begin farming. A year later, his father died. The farm operation was left to his mother, but he wondered what his opportunities would be on the farm. Since he had four non-farm siblings and didn't have the assets to buy out the farm, it was important to start family business succession planning. Open communication and transparency with all family members were top priorities during the planning process. Learn more about this family's business succession planning experience.
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