"The Future Leader - The Successor's Guide to Family Business Leadership" with Patti Durand
Wednesday, January 15, 2025
Reference: Impact Farming
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"The Future Leader - The Successor's Guide to Family Business Leadership" with Patti Durand
In this week’s episode, Tracy sits down with Patti Durand, author of The Future Leader – The Successor's Guide to Family Business Leadership, to discuss the vital role of successors in family businesses and how they can navigate the complexities of leadership transitions.
Patti speaks about her book that has been written to share insights on how to prepare the next generation of leaders, why these transitions are so difficult, and how to navigate crucial conversations with parents. Whether you're a successor or someone guiding the next generation, this episode offers valuable strategies for successful leadership transitions.
Key Highlights:
- Introduction to The Future Leader
Patti introduces her book and explains who it is for, focusing on those in line to take over family businesses. She provides an overview of the unique challenges successors face and the importance of developing leadership skills early.
- Why Write This Book?
Patti talks about what motivated her to write The Future Leader, sharing her desire to fill a gap in leadership resources aimed specifically at successors in family businesses.
- Working with Farm Families & Transition Planning Challenges
Tracy and Patti dive into the unique challenges of working with farm families on transition planning, discussing the common roadblocks, emotional complexities, and practical obstacles they face when it comes to passing down the family business.
- Focusing on Young Leaders
Tracy asks and Patti explains why she chose to speak directly to young, emerging leaders in family businesses instead of the founders. She outlines why the next generation of leaders must be empowered with knowledge and skills, especially when dealing with family dynamics.
- The Silent Trust – Young Leaders and Parents Avoiding the Transition Conversation
Tracy asks Patti about the dynamic she’s observed in farm families where children assume their parents have a succession plan, but often never openly discuss it. In most cases the founders don’t have a plan and are just afraid or unwilling to bring it up for various reasons.
- When Did the Idea for the Book Come to Life?
Patti reflects on the moment she realized this book needed to be written and how her professional experiences led her to realize that there was a crucial need for resources specifically tailored to successors.
- The Impact Patti Hopes to Leave with Readers
Patti shares the message and impact she hopes readers will take away from her book.
- Parting Words for Future Leaders
Patti offers some final encouragement and advice for those stepping into leadership roles in their family businesses.
- Where to Get a Copy of the Book
Patti shares where listeners can purchase The Future Leader and provides information about her consulting services at Bright Track Consulting.
Are you hoping to take over the family farm one day?
Are you a farm founder and not sure where to start with transition planning?
If so, this episode and Patti’s book is a MUST READ for you.
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Resources Mentioned:
The Future Leader – The Successor's Guide to Family Business Leadership
Available for purchase at https://www.thefutureleader.ca/product-page/the-forgotten-leader
Bright Track Consulting – Patti’s consulting firm, specializing in leadership development and succession planning.
https://www.thefutureleader.ca/
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Show Guest:
Patti Durand
Founder of Bright Track Consulting
Patti Durand is the founder of Bright Track Consulting, a firm born out of years of discussions around offices, conference rooms, and kitchen tables within family businesses. Bright Track Consulting’s mission is built on a deep understanding of how challenging the conversation around family business succession can be—and the complexities of actually implementing a transition plan.
Patti’s experiences over the past decade have fueled her work, including her book The Future Leader – A Successor’s Guide to Family Business Leadership, which has been described as "foundational and game-changing." Patti is also an accomplished speaker, facilitator, and mediator, known for her ability to quickly get to the heart of issues and ask the tough questions that help families and businesses "move a lot of dirt" in a short period of time.
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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
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Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.
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