Sep 18, 2014
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Leave a Legacy

RSS By: Kevin Spafford, Legacy Project

Kevin Spafford is Farm Journal’s succession planning expert for the Farm Journal Legacy Project.  He hosts the nationally-televised ‘Leave a Legacy’ TV, facilitates an ongoing series of workshops for farm families across the U.S., and is the author of Legacy by Design: Succession Planning for Agribusiness Owners.

Growing Your Agribusiness

Dec 15, 2009

A growing agribusiness should generate three sources of income—profit, equity and satisfaction. The objective of every business owner must be to maximize these rewards. To do so, an owner must aspire to the five Gs:

  • Grow equity, which is the foundation for permanence, rather than income.
  • Groom tomorrow’s leaders today, rather than develop obedient managers.
  • Generate capital improvements for long-term success, rather than spend today at tomorrow’s expense.   
  • Gather assets for a retirement option, rather than drain capital assets from the business.
  • Guarantee continuance of your operation against any personal and/or financial calamity.

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