Jim Casler
Jim Casler
North Coast Ag Advisors
Family Business Planning

231-218-7525

Know Your Numbers. 
Know Your Business.
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Today's Opportunity

8/20/2016

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​You read about it online, you hear about it at seminars…heck, entire books have been written about the subject.  The aging population of the average farmer makes it almost imperative that you should be participating.  Some in your family may be constantly bringing up the subject matter for discussion.  

BUT --- Succession planning just isn’t happening for many family-owned farms.  Is it happening on your farm…with your family?  

Developing your succession plan for your farm business is perhaps today’s greatest leadership opportunity.  “So what’s your point, JIM!”

My goal is to motivate you to get started with your succession plan if you haven’t, to encourage you to continue if you have, to jumpstart the process if you’ve stalled or to congratulate you if you are finished!

Some ideas about succession planning to put in your back pocket and ponder…and maybe one day, take action on include:
  • Succession planning is the development and implementation of a plan to transfer responsibility, operational control, leadership and ownership of the business from one generation to the next.  It is logical that since the farm business usually represents over 80% of a family’s net worth, there ought to be a succession plan to manage the transition of the management and ownership of the business from one generation to the next…no?
  • Succession planning is a complex process, both from an emotional and technical standpoint.  It varies with each business.  It is difficult because of different needs and wants of those involved – generally all competing for the same scarce resources.  It often seems easier to just keep things the way they are rather than navigate through the minefield of differences…let alone having to talk about it.  Yuck!  
  • At the start of the planning process the outcome is uncertain.  With each step it becomes clearer and uncertainty is reduced.  The added clarity helps generate more energy, thus providing the momentum to keep on keepin’ on.

Our experience suggests the following are helpful points to consider with any succession planning process:
  • Start with the emotional and personal side of things and finish with the financial aspects.  Confusion and ambiguity often cloud the process if done in the opposite order.
  • Involve EVERYONE in the process at some point.  Owners, managers, on-farm family, off-farm family…and yes, even the in-laws!  Your family and team will likely be more willing to accept the final outcomes if they have had some input into the process.
  • Don’t worry so much about where you are in the process but make sure you are moving forward.
  • Succession planning involves choices.  Choices can be characterized as perfect, acceptable or unacceptable.  If you don’t understand and accept these characterizations, decision-making can become frozen and the planning process will stall.
  • Stay centered up with what is best for the business.  This may or may not be what is best for an individual or one of the families…but generally, what is best for the business is best for the family…and each of its members.
  • If the process is stalled, look for the emotional rather than the rational reason why it stalled.
  • Listen, learn, and understand.  Don’t judge another person’s position.
  • Use financial information to take some of the emotion out of the decisions that need to be made.

Someday…maybe soon, or maybe many years in the future, there will be a discussion about your legacy and your contribution toward to your family and your family business.  Today’s leadership opportunity enables you to have the most positive influence possible on that legacy.  Think about taking it and leading the succession planning conversation and process.  Best of luck.  

Cheers!


​

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Calamity, Cataclysm and Misfortune

6/19/2015

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business-storms-disaster-business-planning-jim-casler
Conflict, divorce, illness or a premature death of a key member in your family business are major potential threats to your business as well as fragile family relationships.   A proactive business leader can help avoid catastrophic situations by separating the life-cycle of the business leader from the life-cycle of the business. This is a key element -- recognizing that the business is a distinct and separate entity that is (hopefully) not fully reliant on the leader.


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3 Life-Cycles - Industry, Business & Leader

5/29/2015

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You own a family business, or you’re part of a family business.  Maybe you’re the founder or one of the presumed successors.  Wanting the family business to grow and prosper, and hopefully thrive into future generations, are natural wishes and dreams.  Reality and history show us that not many family companies survive for generations…both from a pure business perspective and because families don’t always maintain unity and support.  Long-term success with family-owned businesses is rare and is generally the reward for those business leaders that understand the odds are stacked against them and take proactive measures to help ensure long-term sustainability.

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10 Things About Succession Planning Your Kids Don't Want You to Know

4/17/2015

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succession-planning-10-things-to-consider-jim-casler
Succession Planning Traps
Succession Planning, or Transition Planning, can be simply defined as the orderly process of transferring responsibility, management and ownership from one generation to the next.  Our experience working with business-owning families reveals that the order in which each of these separate transfers take place is a crucial element in a successful transition.  

Attempting to do things in the wrong order, or even accidentally doing things in the wrong order, usually results in disruption and spoiled family and business relationships.
A small list of things that will negatively impact your family business transition are as follows.  If you see a few of these in your family business, consider developing a more systematic plan for the generational transfer of your family farm business:


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SOPs

10/25/2014

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Standard_Operating_Procedures_Business_Planning_Jim_Casler
Continuing down the road to developing a management system for your family farm business, with the goal of increasing the odds of a successful transition to the next generation that enables your business to overcome the competing demands for capital in the form of internal growth and your financial security needs (i.e. retirement plans), let’s look at another area of increased formalization that is required as your family business becomes more complex – Standard Operating Procedures (SOPs).

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Policies Again

10/18/2014

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Business_Planning_Policies_Procedures_Family_Business_Jim_Casler_Traverse_CityNope. Policies Continued.
Can you believe this guy?    

Ummm.  Yeah.  Me Neither!

Last week we began explore another area of your family farm business management system as you begin the succession planning process and plan for a successful generational transfer of responsibility, management and ownership of your family business.

So, let's explore the need for policies a little deeper.


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Policies

10/11/2014

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Family_Farm_Business_Policies_Procedures_Jim_Casler_Advisor_Traverse_City
The absolute joy of developing policies for your family farm business.

Policies - Oh Joy!

Let’s continue down the path of developing and fine-tuning your family farm management system – for clarity, consistency and hopefully improved relationships and financial performance.  Just as written job descriptions and areas of responsibility and accountability are essential for providing clarity and expectations for team members, there are other areas in your family farm business where clarity is also essential -- Clearly defined and communicated policies and procedures.  

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