We often encourage family business members to identify their “guiding principles” — the key elements of their philosophy and business strategy that create the culture of the organization. A few to consider are below, and I've offered an alternative perspective for each one to help push your thinking.

For farm equipment dealer-principals, succession planning is more than merely passing a torch — it’s a complex logistical relay. For those resolving to keep their business in the family, the process and the pitfalls can be even more complicated. After spending years cultivating a successful business, dealers want only the most capable hands to carry it on.