Legacy (part 7)…….ya Reckon?
 | Author:
Denise Thompson
Denise Thompson |
Denise Thompson
Rancher and Columnist
EVERYONE’S family tree includes in-laws! We can’t escape them! (with a fun-loving wink and a genuinely warm hug).
EVERYONE’S family tree includes struggles, less-than-ideal relationships, and dare I say, skeletons in the closet. Family trees are made up of imperfect souls, because we are all human and faulty to some degree. However, most, if not all, seek HARMONY, yearn for clarity, and desire flourishing, robust lives; filled with love, kindness and joy.
“When a family measures the useful lives of its members, plans for the maximum use of each member’s human and intellectual capital over that member’s lifetime, it defies the onset of the energy-depleting stages of status quo and entropy that are the greatest liabilities on its balance sheet.” This is one of THE most powerful quotes from the book: Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations, by James E. Hughes Jr.
There is no doubt that the status quo, trying to keep things the way they are, or the possible disorder within a particular system serve as external or internal liabilities on a family’s balance sheet. These liabilities need to be addressed, understood and managed, otherwise, there will be dire consequences for the family and the business.
Consider, if you will, a family farm struggling with succession planning. The owners are having a very difficult time letting go, providing equity shares and allowing the next generation to move into a managerial role and be successful. There are broken promises, laden with pride and fear. Perhaps the next generation is insensitive, in some respects. Things are tense. Everyone has said or done things that have been hurtful. Healthy communication is basically non-existent. Some family members choose to seek wise counsel, resolution and harmony. Others choose avoidance or worse; a path of malevolence, dishonesty and lack of regard for the family and its members. Is there any hope here? Can this family and its business be saved, or at least rebuilt? Perhaps the answer lies in part within the VALUE placed on the business, the VALUE placed on the family members, including one’s self, and the VALUE placed on the LEGACY; with many generations of toil and devotion, held together by incredibly strong ties and this rich family history worth preserving, ya reckon? Some things to ponder.
Elaine Froese and Dr. Megan McKenzie have a great book called, Farming’s In-Law Factor. This book and other material will be available at the FREE workshop, Finding Fairness In Farm Transition, on March 1st from 9:30 to 3:30 at the 4-H Building. Register through Broadwater Conservation District (406-521-3014) (website: broadwatercd.org) or go to eventbrite.com and search the name of the workshop and reserve your spot.
Also, don’t forget to purchase your tickets for the Annual Ag Appreciation Dinner at the Watson Event Center, also taking place March 1st at the Watson Event Center, with Social Hour starting at 5pm. See you there!
For the Love of Ag, From the Heart of a Western Woman.
Denise Thompson
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PhotoCredit: Photo Credit: Denise Thompson
Image 1 Caption: “Cowboys don't flinch at a storm—they put their hat down and face it.”
Photo Credit: Denise Thompson
