NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff &...
Transcript of NON FAMILY FARM SUCCESSION€¦ · NON FAMILY FARM SUCCESSION Legacy Holsteins Atwood, Ont Geoff &...
NON FAMILY FARM SUCCESSION
Legacy Holsteins Atwood, Ont
Geoff & Sally McMullen
Steve Dolson & Karen Galbraith
Lets start at the beginning…
Triple K Cattle Company Fradol Holsteins
Changing Priorities
Careers
Family
Future
Legacy
Holsteins
Dolson & Galbraith Farms Inc. 1985
100 acre dairy farm
Cows & Equipment
Quota
Common Shares:
Preference shares :
Early Goals
Expansion in the 90’s Doubled quota
Joint Venture
rented neighbours land
New Coverall Barn with Double 6 parlor
3X /day milking
Achieved production goals & increased genetic sales
1 full time employee hired
Investing in Our Future
2015: 30 years in Business !
What’s Next ?
Family’s Future Farm
Involvement
Knowing you are ready to let go
OPTIONS
CONTINUE
SELL
PARTNER
The Search
Meet
Geoff & Sally
Hello My Name Is…
Assessing the “fit”.
Now what?
Letter of Intent
First year details
All the major
points of the
future
shareholders
agreement
Investment of time
and money paying for good advisors.
Year #1 : Ensuring the Fit
Settle in
Regular Meetings
Learning/training
Set some targetsMid YR Check In
Evaluate
Refine the shareholders agreement.
Establishing
key points in
Shareholder
Agreement
Share Structure
Compensation
Timeline commitments
The Four “D”s
Exit Process
What has been the key to our success? Running a healthy business – this is your common ground – your
everyday job.
Communication, communication, communication.
Tips and Tricks for
Success1. Check in, Strategy and Financial Reporting meetings.
2. Recognize that what you heard isn’t necessarily what was said.
3. Have procedures and write them down.
4. Don’t assume you know how the other person feels
5. Establish a budget – measure against it regularly.
6. Communicate, communicate, communicate – make time for it.
7. Remember you have common interests or you wouldn’t be here.
8. You are a team – you are successful or ‘failing forward’ together.
9. Everyone has rough patches – help each other and learn to accept the help.
10. Lists are pretty great.
11. The agreement will require blood sweat and tears – but persevere anyway.