On this episode of Impact Farming, we sit down with Elaine Froese to discuss succession planning and the concept of Fair and Equal.
Succession planning is a transition of labor, management, and ownership. Estate planning is your will, power of attorney and your tax planning for when you pass on.
Elaine explains why she believes "Equal" shouldn't be a part of the conversation anymore. More focus needs to be spent on finding fairness. Fair is helping everyone be successful.
Elaine's definition of fair and her three big questions.
F- Financial Transparency
A- Attitude towards money
I - Intention
R- Roles and rebels.
Ask yourself three big questions:
What does fairness look like to you?
Is it helping everyone be successful?
Is it helping the farm be successful?
Multiple children in your farm family? If so, you will not want to miss this episode. This one concept can lift a tremendous burden from your shoulders.
* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
Professional Speaker, Author and
Farm Family Coach
Elaine Froese is a farmer and has a background in conflict resolution and communication. She uses her knowledge to help fellow growers and ranchers face make-or-break issues head-on - so they can focus on the business of farming.