Succession Is About More Than Just Assets

A DTN/Progressive Farmer article

I love it when a book helps my thought process around family business succession. Jim Collins' latest work, "What to Make of a Life: Cliffs, Fog, Fire and the Self-Knowledge Imperative," is just such a book. Collins, 25 years after writing the bestseller "Good to Great," pairs famous people from different segments of society to answer the question, "What makes a meaningful life?"

That question is not much different from what many family business owners ask, namely, "What makes a meaningful legacy?"

Working on what you leave to your family often focuses on land, equipment or money. But legacy also includes the examples you set, the lessons you teach and the behaviors you inspire. Prior generations might have given you land, but they also ignited your passion for agriculture. They might have given you money, but they also taught you how to manage resources. The way an elder once encouraged you makes you consider how to be an effective mentor to others.

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