Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Improving Family Communication

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Start with your communication• Practice your listening skills• Become more aware of how you send

messages– Are you too vague?– Are you assuming the receiver has

knowledge they may not have– Are you using the wrong channel for

the message?– Are you asking for feedback

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Improving Family Communication• Take time to explain – Does the next generation know your

wants & desires for the farm and other assets?

– Off-farm heirs might not understand today’s farm language

– Estate planning comes with its own set of terms – does everyone understand what is being said

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Improving Family Communication• Take time to explain –Does the next generation know your wants &

desires for the farm and other assets?–Off-farm heirs might not understand today’s

farm language

– Estate planning comes with its own set of terms – does everyone understand what is being said

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Improving Family Communication

• Learn about personalities and their communication styles–Participate in a communication

workshop–Hold a farm based Real Colors

Workshop– Spend some time reading feedback

and body language of others

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Hold Family Business Meetings

• Begin holding regular family business meetings• Work out an agreement to

allow for consistent and productive meetings

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Tips for Successful Family Business Meetings

• Decide who are the “right” people to attend

• Chose a person to run the meetings• Distribute an agenda in advance• Meet in a neutral place• Begin and end meetings on time

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Tips for Successful Family Business Meetings

• Stick to the agenda• Avoid socializing during the meeting• Expect recorder/secretary to distribute

minutes soon after meeting• Minimize reconsideration of actions taken

at last meeting• Evaluate the effectiveness of your

meetings at least once each year

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

You may wish to…• Incorporate an outside facilitator–Help make sure everyone

understands what is being said

–Make sure everyone has a chance to share their input

–Keep the conversation flowing in a positive direction

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

General Communication Tips

• Small agreements build rapport and momentum

• Questions are powerful language tools• Express more appreciation &

affirmation• Use “I” statements and limit “you”

statements

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Help each other by:

• Establish a home independent of your parents

• Be consistent in your mood, humor, temperament and cheerfulness

• Admit your mistakes• Ask about what others feel and think• Pay attention to non-verbal cues

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Help each other by:

• Encouraging friendly, open conversation• Invite and respect differing viewpoints• Don’t make assumptions—ask• Rephrase to be sure you understand• If you have reservations, voice them

respectfully

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Cautions• Problems that are bigger than communication• Get over past hurts. This won’t go away after

Mom and Dad go, it will only get worse• No one can get everything they want• Not even possible to get everything you think

you “must” have• Must often overcome history of failed meetings

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

The Good News!• Everyone of us can become a better

communicator• Every family business can learn to

have successful business meetings• Hard work and an open mind earn

big rewards

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

How would your communication change if you had you had 3 months to live?

Managing for Today and TomorrowBusiness, Succession, Retirement and Estate Planning for Farm and Ranch Women

Personal Observations• Don’t assume you will have time or feel well

enough to complete your “bucket” list• What knowledge has not been transferred?• Don’t leave the burden of making decisions to

the surviving spouse or next generation• Communicate! Be open about your wishes• No time like today to start--What regrets can you

eliminate today?• Talk to your kids and spouse!