All the Fun Stuff: Family Farm Business Relational Dynamics
Let's take a look at another one of the common mistakes Farm Business owners fall prey to when managing their Family Farm. It’s easy to forget about the in-laws, spouses, and other family members in your Family Farm Business when your head is down and you are working hard. With careful intention and planning this mistake may be easily avoided.
Expectations: Make them work for, not against you!
Often times some of our biggest disappointments in life are the result of poor communication and misplaced expectations. There is nothing inherently wrong with expectations, just make sure you have taken the time to ponder, discuss, and communicate them with other family members. Misunderstanding is easily avoided when communication is clear, assumptions are stated, and expectations have been agreed to.
Here are a few discussion points to get you started in your conversation about expectations within your Family Farm Business:
- What goals, priorities, and objectives are important for your Family Farm Business? What time frame is realistic in order to accomplish goals and objectives?
- How will progress and performance be measured and judged?
- What does success look like for your Family Farm Business?
- What roles will spouses, in-laws, and other family members play in the business?
- What goals and expectations do these family members have?
- Do these family members have a voice or a part in decision making currently, or in the future?
Talk about it: Communication Tips
Sometimes it’s easy to assume other family members agree with you, even when you haven’t taken the time to share thoughts, feelings, and ideas. Be careful that you don’t fall into this trap. Be intentional about setting aside time for discussion and vision casting amongst family members and business partners. Seek to understand before seeking to be heard. Practice listening to one another with openness, empathy, and awareness. Timing is everything. Try to avoid major discussions when you are tired, stressed, or even hungry.
Questions? We’re Here to help!
Here at Barrett Financial Services, our speciality is in helping Farm Business Owners like you plan for a successful future. We offer our clients a wealth of experience and knowledge for custom tailored Financial, Business, and Tax Planning. The members of our Financial Planning Team at Barrett Financial Services are happy to answer any additional questions you have about Farm Business Plans or set up an appointment to discuss your financial goals and needs. Please contact us if you have questions we can answer and a member of our team will get back to you.