Generating Success: The Continuity Quotient
As a young boy growing up in Nebraska, Dave Specht saw how a poorly-planned farm transfer determined the success or failure of a farm business. Today, he coordinates family business programs in The Center for Entrepreneurship at the University of Nebraska in Lincoln. In his work as a farm family consultant, he uses an online process called The Continuity Quotient to help facilitate a successful transition to the next generation.
Specht shares the following seven components of ensuring farm business continuity:
- Business and Estate Planning
- Leadership Development
- Personal Resilience
- Investment Planning
- Long-Term Contributions of Key non-Family Employees
The heart of Specht’s work is identifying intentions and expectations so that a successful succession plan can be developed and communicated in a way that preserves family relationships, and permits the business to thrive.