Information: The Difference Between Success & Failure
Information is essential when creating strategy for the future. And as farmers and ranchers transition their operations to the next generation, information makes the difference between success and failure. Keep Farmers Farming Director and Legacy Consultant Alan Hojer explains, those that hold the wealth and assets also have the information that's key to the future of the younger generation.
“The next generation wishes to plan for their future just as we want to transition to them. And so it's critical to get a level of transparency of communication flow going.”
Hojer likens the lack of transparency to the offense in football, who wait for the play from the sidelines. If the play takes too long to come in, a flag is thrown for a delay of game penalty.
“The next generation is waiting for the play and they're waiting. They're waiting for that information. But the difference is there is no delay of game. And in many cases, we're losing the next generation because they can't plan for their future. That's how important the information flow is.”
Information that's not shared prevents the next generation from committing to the future of the farmer ranch because they do not know what to expect. Hojer states the senior generation may think they're being transparent when in reality they aren't providing the knowledge that's needed to move the business and family forward.
“Having a third party involved and that's what Keep Farmers Farming is. It gives everybody permission to play, to ask the questions that they just didn't think were important but it really is important to somebody.”
Keep Farmers Farming is ready to help families create the positive place to move forward in business and in life. Learn more about the program here.
Taken from Alan Hojer’s interview with Pam Geppert (Dakota Farm Talk)