Proceedings

PR – MANAGEMENT SUCCESSION IN AGRICULTURE:

Hewlett, J., Tranel, J.


Abstract:
The number one goal of most rural family business owners is to transition their business to other family members—the next generation. While many programs have been developed to help families transfer ownership to the next generation, few resources are available to help with transferring management responsibilities. It is said that only a third of all family businesses successfully transition to the next generation. The reasons why are many.
This paper briefly outlines the issues inherent in the transition of management responsibilities. It also describes each of the three online courses developed to address the big-picture questions faced by rural families: 1. Where Are We? 2. Where Do We Want to Go? and 3. How Do We Get There From Here?
These courses and online tools are designed to help family business owners successfully plan and accomplish a smooth transition of business ownership, leadership, and management. The three courses are among several available to the public at no cost via the RightRisk website located at: RightRisk.org > Courses.
RightRisk is a multi-state team of educators organized to assist decision-makers throughout the world discover innovative and effective risk management solutions.
Keywords: Management Transition, Succession Planning, Farm Families

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Author(s): Hewlett, J., Tranel, J.

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Organizations(s): University of Wyoming