Bridge the Gap Between Generations with Strategic Planning
By Martin Fox, CPA/ABV, CVA
May 6, 2020
We’re seeing an emerging trend in which many business owners are moving out of their ag businesses and passing control to their children. This transition involves challenges, including competing ideas of how the family business should run.
In the past, farmers made decisions based on knowledge that had been passed down from generation to generation and their own experiences. They relied on gut feelings that helped them run successful farming operations. The newer generations, possibly with less experience, want more concrete information. They want to see estimates and metrics that can help them evaluate how their decisions will affect their businesses down the road.
So how do we bridge the gap? The answer is strategic planning.
“Strategic planning is about focusing on the future and setting the direction of your business” says Marty Fox, CPA. “By documenting your decisions, you have something to refer back to as you implement changes and new ideas. It allows you to compare your results with your plans.”
Our team can work with you to develop a strategic plan that incorporates the gut feelings of the more experienced generation while also creating metrics, roles, and accountabilities that will move your plan forward. Strategizing will allow everyone involved to make informed decisions and plan for the future in a way that they’re comfortable with.
You can count on us to work with you to bridge the gap between generations. For more information, or if you have questions on how we can help develop your strategic plan, please contact Marty Fox at 209-527-4220 or firstname.lastname@example.org.