Communicate, Communicate, Communicate
The old saying in real estate is that the only three things that matter are location, location, and location. To me, the three things that matter most in succession planning is communicate, communicate, and communicate.
Verbal communication between each of the generations involved is the important first step. What does the generation passing on the farm want to accomplish with the transfer. The generation receiving the farm needs to communicate their desires, goals and wants. During this back and forth verbal communication ………….
Non-verbal communication needs to be observed and dealt with. Many times, one generation will communicate to the other in words and not realize by the non-verbal communication (facial expressions, posture, etc.) received that what they are communicating is either not being received properly or is being ignored. After all parties have given and dealt with their verbal and non-verbal communication, then ……
Written communication puts it into writing. These documents are generally prepared with the help of appropriate counsel and/or consultants. However, many times, this is where it ends. To be effective, this written communication needs to be given to each party verbally including the interpretation of non-verbal communication. If all goes well, the plan will be implemented correctly and a good base will be laid to continue the plan for all generations.