Goals for Succession Planning
Feb 16, 2010
Q. In a recent presentation, you mentioned that most family farmers have three general goals for succession planning. Can you explain what you mean?
A. Most farmers and agribusiness owners seem to have a good idea of what they want to achieve when they think about succession. Yet their ideas may be a bit fuzzy and undefined. As they describe their desires, they use general terms and tend to say "you know" a lot.
THREE PRIMARY GOALS:
- Maintain the Operational Integrity
- Enhance the Family's Financial Security
- Prepare the Next Generation to Lead
The struggle comes in trying to turn intentions into goals, goals into actions and actions into results. The more I learn about people, succession and the family dynamic, it is increasingly apparent that nothing happens without specific goals and objectives. If we can help you create specific goals, you can take the action necessary to move to the next step.
Using the Goals Clarification Worksheet at www.FarmJournalLegacyProject.com, I’ve compiled a series of questions to help you become more specific. Take a few moments and consider your situation; answer the questions and note your responses. Then ask your spouse, parents and active children to do the same. Compare answers and see how your succession goals align.
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