By: Innocent Mhangarai :
As successful farming business is one that is positioned in such a way that the button stick of leadership is passed from one generation to another. The legacy that was built should continue and improve as it is passed on from generation to generation. Additionally, the farming business should adopt an effective succession plan so that the passing down of the legacy becomes a possibility. The farm business that has to flourish despite the ups and downs in economic activities.
Have you ever considered what is going to happen to the farm business that you are working tirelessly to build should anything happen to you. Most individuals tend to focus much on the positive side and ignore the negatives. However, this is something that we should not overlook. To be realistic if we are to be asked who wants to die no one will come forward voluntarily. Death is something that happens to us all whether we are prepared for it or not. Apart from death there are various factors that can intrude our health as well as lifestyles. With all this in mind, as one run their agribusiness enterprises they should open their eyes and look at both sides of the coin.
It is imperative to have an assimilation of knowledge on what a succession plan require especially for those who run different agribusinesses. To be precise and more accurate, a business succession plan closely looks at getting prepared for the future of the business thereby preparing someone to spearhead the operations in the near future as the present leadership becomes incapable of doing so due to various reasons. Many at times it is said that one of the powerful gifts any individual can give to their children apart from giving them education as well as properties is to build stable a competitive business for them to inherit. Below are smart secrets that your family farm business can adopt in order to have an effective succession plan.
Establish your motive for creating succession plan
First of all as an operational farm business, you must put on the table your reasons to come up with a succession plan. Such reasons can be, are you to retire soon? Or you want to focus on other complex issues. Having that in mind, the next question to ask yourself is that do you have potential individuals who can carry on with the dream without compromise. However, it is important to identify individuals whom you can mentor and impart skills that you want them to implement for the successful operation of the business. Many at times in a family setup the father passes the legacy to his son as he believes he can do better even more that what he was not able to achieve during his reign. On that note it is important for a business to have a succession plan in time so as to avoid last minute decisions which may in turn harm the future of the business.
Identify growth strategies for your farm business
If your aim is to hand over your farm business to your children and look forward for them to hand it over to their children on and on. Then you must go an extra mile to put all the strategies necessary to put all things in place so that the succession won’t be a problem. It is imperative to set a foundation such that the farm business can operate on autopilot. This will make it easy for the successor to take over. Frankly, it is not anyone’s dreams to see their dream becoming shambles. Involving the right people in the decision making process is important as that will enable brainstorming and coming up with an effective succession plan. All in all it is important to strategize on the operations and future of a family farm business as households need food on a daily basis and more food will be demanded in the near future as population will grow. Agriculture is the pillar of livelihoods therefore it is imperative to plan for a succession plan of such businesses as human livelihoods solely depend on agriculture.
Develop an excellent corporate culture
As the brains behind the agribusiness, one must ensure that the beliefs, values, attitudes and standards that characterize the subordinates are geared towards cultivating a habit that is in support with superiority and growth. For the legacy to go on, one should be deliberate about the culture permitted to grow within the business setup. Create doctrines and an environment that will instill the qualities that can produce what the brand should be known for “Build your brand like a pro”. Once the corporate culture is mastered by the subordinates in the farm business, it will become their way of life hence this is fundamental for an agribusiness enterprise. Most importantly, it is important to synchronize the agribusiness succession plan with the farm’s plans.