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Running a business-first family / Focus on farm transition / FCC Knowledge
Mar 06, 2020
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Video:
Running a business-first family / Focus on farm transition / FCC Knowledge
Are you operating a family-first business or a business-first family? Family business consultant Jolene Brown breaks down these concepts and why it’s important to know the difference.
Key takeaways:
• Business first family – structured to ensure people are paid for value, not genetics
• Non-family work experience is important – not all lessons can be taught by parents
• Next gen understands value of proper business structures and can help support it
• You can love family unconditionally, but as a business there are conditions
• Sometimes next best leaders of the business are not family members
• Let advisors talk to each other and get them all in a room together
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