Johnne Syverson, a family business consultant with Transition Point Business Advisors and a speaker for the Farm Journal Legacy Project meetings this July, joins Farm Journal’s Pam Fretwell to discuss how to start planning for succession in a business.
When starting to plan for succession it’s important to focus on successful transition between generations, but also maintain family harmony during the process at the family meetings. These family meetings should be run by an outside moderator, notes Syverson, and not start with the money, but with the values behind the family.
“We view family wealth as not just financial,” Syverson says. “We think there are four components to family wealth.”
Those components include human, intellectual, social, and financial capital and make up a more whole view of family wealth. Too many things are thought of only in monetary value and without these four components, and the wisdom and knowledge behind the values of the farm, the financial part just disappears.
Johnne Syverson explains: