Human resource risk and succession planning: Implementing an integrated personal and financial consulting model in New York State
Abstract
Purpose
The purpose of this paper is to illustrate the benefits of utilizing teams of personal and financial consultants to work with farm families in New York State on issues affecting farm business performance.
Design/methodology/approach
Program experience in implementing an integrated consulting model provides a framework for illustrating how such a model may be utilized on farms and other family businesses for succession planning.
Findings
An integrated personal and financial consulting model is effective in producing lasting business results such as business growth, improved profitability, and reduced interpersonal conflict on farms in New York State.
Originality/value
Farmers employ a multitude of risk management tools, such as crop insurance, to reduce various types of risk affecting their farm businesses in New York State, but an area often overlooked by farmers is managing human resource risk, namely succession risk. As the average age of farmers in the USA continues to increase, employing new tools and strategies is critical when developing an effective business succession plan for farmers.
Keywords
Citation
Staehr, A.E. (2015), "Human resource risk and succession planning: Implementing an integrated personal and financial consulting model in New York State", Agricultural Finance Review, Vol. 75 No. 1, pp. 133-139. https://doi.org/10.1108/AFR-02-2015-0008
Publisher
:Emerald Group Publishing Limited
Copyright © 2015, Emerald Group Publishing Limited