Description

Every Family's Business challenges the idea that successful family businesses must keep family issues and business issues separate. Tom believes this separation is impossible and that most family businesses are set up from the beginning to fail because they attempt it. Tom offers a compelling argument for why families should be clear about when they will sell the business and to whom. Families that are upfront and realistic about their goals for transitioning ownership of the company can avoid family conflict.

In this episode, Tracy and Tom chat about:

• Tom shares his personal and professional experience in the family business arena and why he is so passionate about the subject. His family has an incredible story of how three generations have founded, operated, and sold their private and publicly traded companies for a combined value exceeding $100 million.
• We chat about how business owners and farmers look at their family farm incorrectly. We tend to look at it as our legacy or "our baby" when it should be viewed as a vehicle to create and transfer wealth to the next generation.
• We chat about how mindlessly passing the farm down from generation to generation plays into the shirt sleeves to shirt sleeves phenomena. Multi-generation farms generate a lot of pride and place a lot of pressure on farm children. Often farm children are pressured into staying on the farm when they would rather be doing anything else.

Love the farm and want to stay? Tom has a unique standpoint on transferring the farm to the next generation and how it should be done. 

Tune in to find out more.

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Make sure to grab a copy of Tom's book today http://vlt.me/.2zce7

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