Succession planning

How We Did It

[Podcast] Conversations with Ag Equipment’s Entrepreneurs: Thurston Manufacturing's Layton and Nick Jensen

In this episode of the Farm Equipment podcast, “How We Did It: Conversations with Ag Equipment’s Entrepreneurs” brought to you by Ingersoll Tillage, Editor Mike Lessiter sits down for a conversation with the father-son team of Layton and Nick Jensen of Thurston Manufacturing Company.

March 28, 2018 | Posted in Product Innovations & Introductions, Manufacturer News

In this episode of the Farm Equipment podcast, “How We Did It: Conversations with Ag Equipment’s Entrepreneurs” brought to you by Ingersoll Tillage, Editor Mike Lessiter sits down for a conversation with the father-son team of Layton and Nick Jensen of Thurston Manufacturing Company.

Precision Farming Dealer Summit

Clearly Defined Culture Breeds a Commitment to Precision Performance

3 diverse dealers dissect the dynamics of a productive employee-manager relationship, along with the detriments of poor communication.

By James DeGraff posted on March 17, 2018 | Posted in Precision Ag Sales & Service

The shifting nature of precision farming demands a foundation for employee commitment, yet the unique structure of any given dealership eliminates the possibility for any universal blueprint. Rarely does the perfect formula come from direct replication or an unhinged maverick move, but the best plans often fall somewhere in between.

Titan CEO on the Public Advantage: ‘Permanent Capital to Survive the Generations’

Titan’s new management team provided Wall Street with an overview of the 95-store dealership group’s 10-year history as a publicly held company along with new initiatives under way to propel the firm in its next chapter.

By Mike Lessiter posted on December 15, 2017 | Posted in Department Management

During his opening remarks to analysts attending Titan Machinery Investor Day in New York’s NASDAQ building on December 12, 2017, David Meyer, Titan Machinery’s CEO, explains the advantages that publicly held companies enjoy in the fragmented dealer industry.

Wider World of Business

Talent Management Evolves; Requires Deeper Understanding

June 1, 2017 | Posted in Best Practices, Department Management

Source: Purdue University Center for Food and Agricultural Business

It seems that this is how talent management tends to go on many farms and in many food and agribusiness firms today. We’ve done a job for so long, we’ve forgotten what it’s like to not know how to do it. When the boss ahead of us gets promoted, we move up too. Then we hire replacements, “set them on the tractor” and tell them to go do good things. As long as the employee does good things, we stay out of the way. When mistakes are made, we scramble to fix them and admonish the employee to do it right next time.

From the Desk of Kim Schmidt

Do You Adapt to a Changing Customer Base?

By Kim Schmidt posted on May 15, 2017 | Posted in Dealer Succession

Dealer succession planning is a regular topic in the pages of Farm Equipment; in fact we devoted an entire special report and conference to the topic a few years ago. Progressive dealerships have a plan in place or are working on their plan to prepare the next generation of managers and leaders to move the business forward. But, what are you as the dealer doing to prepare your business for the next generation of customers? Anything?

7 Considerations for Succession Planning for a Precision Farming Business

2017 Precision Farming Dealer Summit — Roundtable #12

March 11, 2017 | Posted in Best Practices, Dealer Succession

The 2017 Precision Farming Dealer Summit succession planning roundtable in St. Louis “played” to a packed room. Moderated by Tim Norris, CEO, Ag Info Tech (2016 Most Valuable Dealership), Mount Vernon, Ohio, the participants included family-owned precision dealerships with a handful to employees all the way to businesses with hundreds of employees.

Precision Farming Dealer Summit

Leveraging the Power of People & Planning to Grow Your Business

Leadership, communication and accountability are pillars of establishing a sustainable, valuable precision farming company.

By Jack Zemlicka posted on March 11, 2017 | Posted in Best Practices, Precision Ag Sales & Service

U.S. General George Patton’s famous quote, “A good plan implemented today is better than a perfect plan implemented tomorrow,” is sound advice for any farm equipment dealer.

Making your Buy-Sell Agreement Relevant in Today’s Dealership Economy [Webinar]

By Kim Schmidt posted on October 26, 2016 | Posted in Dealer Succession

If you are in business as a dealership, it should be a safe assumption that you have a Buy-Sell Agreement. But, has your Buy-Sell Agreement been stress-tested as much as your dealership has in the last few years? In this webinar, expert consultants in the farm equipment dealership industry, Cole Baker and Marc Johnson, shared their insights in assisting dealerships to update their agreements. This FREE webinar was brought to you by K•Coe Isom. [To view any of our webinar replays, you must be logged in with a free user account.]

Wider World of Business

5 Tips to Running a Successful Family-Owned Business

March 28, 2016 | Posted in Best Practices

To keep the doors open and guarantee that these businesses stay within the family, members must be willing to work on such critical — and often difficult — issues as in-family relationships, management structure and ownership agreements.

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