Ontario Agriculture

The network for agriculture in Ontario, Canada

Are you prepared for tragic transition?

Over the past several weeks we have posted three videos featuring interviews that were filmed in the spring 2014 with Wayne Skrypnyk, the founder of Skrypnyk Group. We have shared these videos in order to highlight some important areas that businesses should address in order to achieve high performance.

One key area is that of preparing for transition. In July of 2014, Wayne passed away suddenly. Wayne was a true leader, an inspirational presence and a friend. People such as Wayne are not replaced. It is now the responsibility of all who have had the fortune to work with Wayne to continue on the legacy which he started over 25 years ago.

It is times like these that force all of us to reflect on many things. One item that was highlighted in the videos is the fact that many business owners do not plan for transition. One day you will dispose of your business. It might be while you are alive, or it could be upon your death. Either way, as an owner it is imperative that you undertake the appropriate planning to ensure that the transition happens on your terms and that the business is in a position to carry on in your absence.

Business succession is a situation that is detailed and discussed in countless case studies. But to us, it is real. It is fortunate that as a firm, we had taken our own advice and are therefore in a position to continue the legacy that is left by Wayne, and built by the team.

How ready is your business for transition? What would happen if you, or a business partner of yours, suffered an unexpected tragedy? Who would your business partners be?

Transition is often difficult for business families. We prefer to spend our energy thinking of how to build the business instead of planning our exit. However, as we have learned in no uncertain terms – you will transition your business one day.  You may not be able to choose the timing, but you can choose that the transition takes place on your terms and that the business is well positioned to continue building upon your success.

Views: 189

Comment

You need to be a member of Ontario Agriculture to add comments!

Join Ontario Agriculture

Agriculture Headlines from Farms.com Canada East News - click on title for full story

2021 top economic trends: Export risks and opportunities for grains, oilseeds and pulses

Following the massive setback of an estimated 4.2% global economic contraction in 2020 due to COVID-19, 2021 will likely see a rebound of similar proportions.

2020 Soybean Seasonal Summary

2020 was an exceptional year for many Ontario soybean growers. Although not all regions had good yields, much of the province harvested outstanding soybeans.

Ontario Supporting Horse Businesses Impacted by COVID-19

The Government of Ontario is investing up to $3 million through the Equine Hardship Program to help horse experience businesses cover animal maintenance costs incurred from COVID-19 disruptions.

Optimize your farm by using ALL the data

Krista Klompstra discusses how Granular Business can help farmers gain better control over their farming operations.

Understanding trade issues: Implications for the farm

Trade statistics, international trade agreements and non-tariff trade barriers are not always top-of-mind for farm families.

© 2021   Created by Darren Marsland.   Powered by

Badges  |  Report an Issue  |  Terms of Service