K Effective, Success of the future generations is a worry of mine. Human nature to be jealous of what others do or get is a large part of this. Also many successful business men and farmers have dominate personalities. So they often make all the decisions. This is a terrible way to treat and train the next generation. All of us make mistakes. It is better to do so when there is support to mediate the damage of mistakes. The hardest thing I have done when raising my kids, is to let them make age appropriate decisions. You often KNOW they are making a mistake but in the long run it is better for them to experience the results themselves. ( Life and limb safety over rides this) I think that this approach has made them be better prepared for real life.
Several years ago we finalized a business structure for all of our operation. I turned over a LOT of decision making to my kids and their wives. I still technically have veto power over any major decisions. I have not done so yet. I have pointed out several times that the potential reward was not worth the risk involved. Truthfully they have come up with many good ideas that I would not have had.
The most important thing is major decisions are talked about with the entire family in a board room type of setting. I mean all the members. Even my younger grand kids are there too. At 10 or 12 they may not "get" a lot of what we are talking about but I guarantee that them being there will help them in the long run. We try and do this once each month. Anyone can call for a meeting more often if needed.
I will stop here as covering this topic would take up too much space and time for this forum.
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