Al Bennett & Diane Bennett, AgStar Financial Services, 2013 Pork Management Conference, June 18-21 in Denver, Colo.

1. 1
DEVELOPING FUTURE LEADERS
BUILDING GENERATIONS OF BUSINESS SUCCESS
2013 Pork Management Conference
June 20, 2013

2. WHO WE ARE
Al Bennett
• Former owner and President
of Bennett Farms, Inc.
• Certified Financial Planner™
• MN Rule 114 Mediator
• Principal Business Consultant,
AgStar Financial Services, ACA
• Overall, wonderful brother
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3. WHO WE ARE
Diane Bennett
• Even better all-around sister
• President and Owner, Bennett
Coaching & Consulting
• Professional Leadership Coach
• Communication Specialist
• Organizational Consultant
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4. Using our training
and life experiences,
we help family businesses plan for
… and realize … their dreams.
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5. HOW WE WORK
• We almost never, ever tell childhood stories
• We cherish and believe in our clients
• We always work from and toward THEIR
hopes, plans and desires
• We are committed to staying on the cutting
edge with tools, resources and strategies 5

6. 0
10
20
30
40
50
60
70
80
90
100
G1 - Founding Generation G2 - Successor Generation G3 - Cousin Consortium
Successful Transitions From Generation to Generation

7. 7
WHAT GOT YOU HERE….
WON’T GET YOU THERE

8. Leading
Family
Businesses
to Improve
the Odds
Design a
Way
Forward
Build an
A-Team
Become
Best in
Class
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9. • Inspiring vision and mission
integrated into the strategic
plan
• Shared core values and code
of conduct
• Identified successor(s)
• Life-long financial security and
estate plan for parents
• Transition plan including exit
strategy for G1 9
Leading
Family
Businesses
Design a
Way
Forward
Build an A-
Team
Become
Best in
Class

10. • A plan for transferring:
Management, Ownership,
and Governance
• Professional development plans
for family members and team
members
• Fully empowered and aligned
management team
• Involvement “in” the business
and “on” the business
• Coaching, training, mentoring,
experiential learning & on-going
development opportunities for
team members
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Leading
Family
Businesses
Build an A-
Team
Become Best
in Class
Design a
Way
Forward

11. DEVELOPING SUCCESSOR CANDIDATES
• Relative educational experience and regular
performance evaluation to promote accountability
• 2-5 years outside the business
• Creative job assignments that develop specific skillset
• P and L responsibility with accountability process
• Job shadowing, mentoring, formal on-boarding
• Outside coaching
• Involvement “in” the business
• Exposure to financial, legal and logistical company
information
• Industry connections and professional networks
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12. • Continuously look toward the
future - planning, investing,
growing, managing risk…
• Develop dashboard metrics
from which you can manage the
business and reward
performance
• Model, promote, and build trust
• Meet, communicate, discuss,
debate, ….. agree, align …. and
create the next chapter
• Capitalize on external expertise
• Enjoy the journey 12
Leading
Family
Businesses
Become
Best in
Class
Build an A-
Team
Design a
Way
Forward

13. LEADERSHIP
TRANSITION
STRATEGIES
1. Cold turkey “I’m out of here”
2. Delay….. Delay ….. Delay …..
“Some day this will all be yours”
3. The boomerang “Here, gone,
here, gone, here…”
4. The handoff “The outside
professional” 13

14. THERE IS A BETTER WAY
What it takes
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15. IT STARTS WITH YOU
Create the environment for leaders to succeed
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16. WHAT IT TAKES
• Readiness
– For change (The business and you)
• Awareness
– Of the business’s strengths and vulnerabilities
– Of your strengths and vulnerabilities
• A willingness
– To let go and let others lead
• Ability
– To communicate, coach, direct, transfer your knowledge
• Trust
– In the plan, in the people, and in the business long-term
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17. SELF AWARENESS
And most importantly
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18. 18

19. WHAT else IT TAKES
• Courage
• Commitment
• Openness
• Vulnerability
• Trust and belief in your team
• A professional plan
• Lots and lots and lots of communication
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20. LEADERSHIP
TRANSITION
Where
are you
today?
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• Could you leave the business
and trust it is in good hands?
• Do you have a crisis
management plan in place?
• Are you open to new ideas for
growing the business?
• Are family members getting
along? Working well together?
Building trust?
• Are you ready to step away
more and more … and make
room for others step in?

21. LEADERSHIP
TRANSITION
5 Big
Things
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1. Invite feedback
What’s going well? Where are we
getting stuck? What could we do
different or better?
2. Bring in expertise to fill in gaps
3. Gradually shift the power
balance
4. Design your next chapter
5. Invest time and energy in the
most important work you will
ever do for your family, your
business and your legacy

22. Thank You!
Al Bennett, CFP® & Principal Business Consultant
Diane Bennett, Leadership Coach
AgStar Financial Services, ACA
(507) 995-0004
al.bennett@agstar.com
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