With guest Jill Rigney, founding director of The Right Mind, Ben explores the intertwined nature of financial and familial strength, asserting that prosperity in one is nearly impossible without the other.
In the intricate landscape of agribusiness, success isn't solely measured by profit margins or crop yields. Rather, it hinges on a fundamental yet often overlooked aspect of family connections. Much like the gears of a well-oiled machine, familial cohesion serves as the backbone of agricultural enterprises, influencing everything from decision-making to long-term sustainability.
Drawing from insights shared by Ben Law, host of ‘The Financial Bloke’ podcast, alongside industry expert Jill Rigney, founding director of The Right Mind, the duo discusses the importance of strong family connections and the correspondence to successful agricultural enterprises.
Like a slow-leaking tyre, the small underlying issues often disguised under clumps of mud and dust, can go unseen for the short term, but in the long run without any attention, will prevent momentum.
Familial misalignment can have equally catastrophic consequences for businesses in this sector.
The pivotal role that family connections play in fostering resilience in agribusiness is discussed, including Mrs Rigney’s experience in navigating the complexities of family dynamics within the agricultural community.
Importance of communication: Open communication within family businesses, highlighting the need to discuss decisions collectively rather than imposing them unilaterally. Often starting these conversations with family members can feel bigger than the situation itself. By asking your family “would you like things to be better than they are today?” In most situations the answer will be yes. Creating a common agreement is often a starting point amongst a mutual party to work out where to begin.
Understanding resistance: Family members may resist participating in discussions, including past hurt, lack of information, or feeling overpowered. Scheduling time towards open discussions, where everyone is prepared to discuss in an open environment will have greater success as opposed to “on the way back from the water run, because it's the only time they've gotten caught in a car and they can't get out,” Mrs Rigney said.
Distinguishing between wants and needs: The difference between wants and needs within the family context, suggesting that needs are more fundamental and may involve aspects like maintaining family relationships rather than purely material desires.
Addressing cognitive dissonance: Acknowledging the prevalence of cognitive dissonance within families is fundamental and unavoidable. As Mrs Rigney says, “we decide on so many things before we discuss it.”
Long-term perspective: Working towards a common goal requires patience and long-term commitment to the process of improving family dynamics and resolving conflicts. Law and Rigney caution against expecting quick fixes and stress the need for ongoing effort and trust-building.
Self-improvement: The self-awareness and personal growth in crucial. Individuals should focus on improving themselves rather than trying to change others. Intergenerational differences can often be a common catalyst for family disruption.
Overall, the conversation underscores the complexity of family dynamics in business settings and the need for patience, open communication, and self-awareness to navigate a stronger agribusiness.