The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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.
From Legacy Moment eNewsletter (12/03/2010)
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It’s that time of year. We’ve all heard the cliché "hope is not a plan," so now is the time to plan for next year and the next chapter of your business. The best part of planning is the creative idea-storming that precedes the written document. Follow these five hints to begin the process:
It's smart to schedule a time for some future thinking. A client recently asked me whether he should make an estate plan. His existing plan was 15 years old and very out of date. He wondered when he should plan to think about it. While I gave him some questions to ponder about how urgent the situation might really be, the obvious answer is that he does need to give it some thought sooner rather than later. When we're busy, it's very easy to let planning slip down on our to-do list. Thanks for the reminder that farmers and agri-business operators need to make time for this type of work too.