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93 | How to Pass On a Multi-million Dollar Dairy Farming Business: 3 Critical Questions for Succession Success with Leland Kootstra
In this episode of the UpLevel Dairy podcast, host Peggy Coffeen interviews Leland Kootstra, an accountant with Frazer, LLP, about the importance of succession planning in multi-generational dairy businesses. Kootstra shares three critical questions he asks both the senior and incoming generations to help them define their goals, timelines, and long-term outlook. He emphasizes the need for open and ongoing communication to ensure a smooth transition and alignment of expectations. This episode provides valuable insights for dairy farm owners and managers looking to pass on their businesses successfully.
Hear more in this episode about:
The importance of early and ongoing dialogue between generations to ensure successful transitioning of the family dairy businesses.
Three critical questions posed to the senior generation to help them identify their vision of success, ideal transition timelines, and their willingness to re-invest in their current business if given a chance to start over.
Corresponding in-depth questions directed at the incoming generation aimed at understanding their definition of success, skillset gaps, and their long-term perspective on the regional dairy industry.
The emotional and familial sensitivity surrounding transition planning and the role of an advisor in facilitating healthy conversations.
Insights on the dynamic industry, changing expectations, and how generational goals can inform and sometimes transform the succession planning process.
This episode is brought to you by HighGround Dairy
HighGround Dairy provides global dairy market intelligence, insurance services, futures & options brokerage, and advisory programs to a diverse range of dairy market participants throughout the supply chain. Learn more about them below or at https://www.highgrounddairy.com/.
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By Peggy Coffeen
4.8
2727 ratings
In this episode of the UpLevel Dairy podcast, host Peggy Coffeen interviews Leland Kootstra, an accountant with Frazer, LLP, about the importance of succession planning in multi-generational dairy businesses. Kootstra shares three critical questions he asks both the senior and incoming generations to help them define their goals, timelines, and long-term outlook. He emphasizes the need for open and ongoing communication to ensure a smooth transition and alignment of expectations. This episode provides valuable insights for dairy farm owners and managers looking to pass on their businesses successfully.
Hear more in this episode about:
The importance of early and ongoing dialogue between generations to ensure successful transitioning of the family dairy businesses.
Three critical questions posed to the senior generation to help them identify their vision of success, ideal transition timelines, and their willingness to re-invest in their current business if given a chance to start over.
Corresponding in-depth questions directed at the incoming generation aimed at understanding their definition of success, skillset gaps, and their long-term perspective on the regional dairy industry.
The emotional and familial sensitivity surrounding transition planning and the role of an advisor in facilitating healthy conversations.
Insights on the dynamic industry, changing expectations, and how generational goals can inform and sometimes transform the succession planning process.
This episode is brought to you by HighGround Dairy
HighGround Dairy provides global dairy market intelligence, insurance services, futures & options brokerage, and advisory programs to a diverse range of dairy market participants throughout the supply chain. Learn more about them below or at https://www.highgrounddairy.com/.
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