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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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A Dose of the Real World
Finances are important but ‘success in the real world’ requires relationships, networks, and comfort with ambiguity.
Read ArticleThe Five Percent Better Challenge
How can you become 5% better in your business and personal life? Let's examine some of the discussion around this question when recently asked of business owners and employees.
Read ArticleInterest Rate Scenarios for Financial Projections
Interest rates have nearly doubled in the past year. One has to go back to the early 1980s to experience a similar scenario. In a recent webcast, an agricultural lender asked, “What level of interest rate sensitivity scenarios would be appropriate to apply to income and cash flow projections?” This question was followed by a producer who asked, “When it is all said and done, where will interest rates settle?”
Read ArticleSpring Radar Screen
The days are getting longer, and planting and livestock plans are in high gear. What are some of the elements that need to be on the economic radar screen for this spring?
Read ArticleGetting Started: First Generation
The other day, an agricultural lender asked an interesting question on a webinar, “What is the best way for a first-generation farmer or rancher to get started in this economy, and what is the best commodity to start with?”
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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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