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.

Comment

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

Join Ontario Agriculture

Welcome to
Ontario Agriculture

Sign Up
or Sign In

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

Minister MacDonald concludes successful outreach to southern Alberta

This week, the Honourable Heath MacDonald, Minister of Agriculture and Agri-Food, wrapped up a successful outreach to Calgary and communities across southern Alberta. To begin his outreach, Minister MacDonald announced an investment of nearly $900,000 for SmartGRO Bioengineering Inc. under the Agricultural Clean Technology (ACT) Program – Research and Innovation Stream. In partnership with Hydragreens vertical farm, this funding enables SmartGRO to test and scale new clean lighting technology that helps indoor agriculture producers grow more while using less electricity. In addition to the $750 million investment dedicated to controlled environment agriculture, through the National Food Security Strategy, innovations like these boost the sector by lowering costs and helping local producers grow more of our food year-round, closer to home. While in Bow Island, Minister MacDonald visited a multi-generational farm to discuss pulse and sugar beet operations. In Barnwell, he saw the prod

FCC invites expressions of interest in new Agri-food Project Finance initiative

Farm Credit Canada (FCC) today launched a 60-day Expression of Interest (EOI) process for its new $1 billion Agri-food Project Finance initiative. Organizations are invited to bring forward major agri-food processing and manufacturing projects across Canada in support of a stronger, more resilient and affordable food system for all Canadians. As part of the Government of Canada's National Food Security Strategy, the specialized financing is designed to advance construction-ready, infrastructure projects that expand food processing and manufacturing capacity across Canada. By expanding food processing here at home, Agri-food Project Finance aims to create more value-added Canadian agricultural products, strengthen domestic supply chains and improve long-term food security. "Our government is focused on strengthening Canada's food system so Canadians can count on a reliable supply of high-quality, affordable food," said Minister of Agriculture and Agri-Food, Heath MacDonald. "This new

Canadian beef regains access to the Dominican Republic

JBS Food and Cargill in Alberta, and True North Foods in Manitoba, are approved to export to the Dominican Republic

Atlantic ag rundown

A collection of goings on in agriculture east of Ontario and Quebec

U.S. Corn Harvest Reaches 8%, Soybean Harvest 6% Complete

The U.S. corn harvest made modest progress this past week, while soybean harvest got underway. USDA’s weekly crop progress report on Monday showed 8% of the U.S. corn crop had been harvested as of Sunday, up from 5% a week earlier and ahead of the five-year average of 6%. Meanwhile, the national soybean harvest was 6% complete, twice the five-year average of 3% and slightly ahead of 5% at the same point last year. Illinois had harvested 8% of its corn crop as of Sunday, while Iowa and Indiana were each 2% complete. North Dakota was 1% harvested, while Michigan and Ohio had yet to register measurable progress. For soybeans, Illinois had harvested 4% of its soybean crop, while Iowa, Indiana, Ohio and North Dakota were each 3% complete. Michigan had yet to report measurable harvest progress. Corn development also moved quickly during the week. Nationally, 42% of the crop had reached maturity, up sharply from 25% a week earlier and ahead of the five-year average of 38%. Illinois

More…

Badges | Report an Issue | Terms of Service