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Family Business Rules for the Road
Families in business together share a lot, which isn’t always easy. It requires communication, understanding and compromise. In many ways, being in business together is like sharing a car. Simple rules addressing refueling, cleaning, maintenance and repairs create guidelines that align expectations, drive accountability and fuel harmony.
Read ArticleGovernance in Family Enterprises
Most family businesses fail or are sold to non-family owners before they reach the third generation. This is partially because family businesses often rely on trust and familial bonds to hold the business together. While the informality of family works for some, successful multi-generation family businesses have learned that as families grow and businesses increase in complexity, more formal governance structures and communications are required. Learn three easy steps to strengthening governance and communication in your family business.
Read ArticleGrace and Goodwill or Greed and a Grudge
During the holidays we take time to reflect on our many blessings. In family business those blessings include health, happiness, prosperity and the opportunity to work with loved ones. What happens, though, when family in business doesn’t always feel like a blessing?
Read ArticleDebunking "We Don't Plan"
Strategic planning isn’t a silver bullet, but in most family businesses it can create clarity. When people have varying views of the present and/or future, strategic planning helps create a common foundation to build upon. Why. then, do families so often hesitate?
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Quick Hitter Questions
How do you determine your working capital needs? And what does it take to transition a family business from one generation to the next?
Read ArticleFinancial Sensitivity Testing
Financial sensitivity for cash flow is one of the weakest links in projecting impacts caused by shifts in production, prices, costs and interest rates.
Read ArticleBooms and Busts of Land Values
In recent years, farmland has been one of the investments of choice. The appeal of farmland is increasing as inflation and risks in the general economy make investing in hard assets very compelling.
Read ArticlePitfalls of Business Transition
Business transition is commonly ranked as one of the top three challenges facing agricultural businesses. In this week’s Ag Globe Trotter article, Dr. Kohl addresses some of the common business transition pitfalls.
Read ArticleThe Global Economic Shuffle
There appears to be a global economic shuffle moving towards de-globalization. Both India and China will play an integral role in agriculture exports and, to some extent, import strategies. Dr. Kohl shares his insights.
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Are Alexa, Google & Siri Eavesdropping on You?
Digital assistants make it easy to search for information, create your grocery list or order a pizza. But are you unwittingly sacrificing your privacy for the sake of convenience? Security expert John Sileo lays it all out in this timely video.
Read ArticleRevolution to Evolution: The Emergence of Ag Technology
Entrepreneurs will enhance agricultural technology to create myriad benefits – improved efficiency measures, faster responses to changing consumer preferences, consistent top-notch quality, etc. These innovators foster a distinctive mindset called the “entrepreneurial spirit.” It’s a difference maker in agriculture, and those who adopt it will break down current challenges facing the industry. So, what does it look like to adopt the entrepreneurial spirit?
Read ArticleVideo Series – Innovation in Agriculture
Technology is everywhere. You’re likely using it in your operation. But are you positioned to make the most of innovation? Check out the first video in Northwest FCS’ three-part series exploring the drivers, investments and opportunities in current and emerging ag technologies.
Read ArticleWays to Protect Yourself Against Fraud
Willie Sutton, the 20th-century bank robber, famously said, “I rob banks because that’s where the money is.” Today, thieves would put it differently: the easiest way to get money is to get into online bank accounts. How do they do that? By fooling others in some way.
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