Leaving a legacy is more than building enduring family ties and creating an estate plan. A legacy is your success that lives on, from one generation to another.
Succession planning is the key to growing success and creating a family legacy. For participating farm families, succession planning is a life transforming experience. It is an important part of strengthening our agricultural communities and preserving our heritage.
For farm owners, succession planning demands effort, information, proper tools, professional assistance and commitment. Creating a practical succession plan may seem overwhelming, yet it can be the most satisfying achievement in a family's collective memory.
Realizing many farm families wrestle with how to leave a legacy, how to pass on the farm, how to preserve wealth and how to bridge the generations, we're launching the Farm Journal Legacy Project.
Our entire Farm Journal Media family—which includes Farm Journal, Top Producer, Dairy Today, Beef Today, Pro Farmer, "U.S. Farm Report," "AgDay" and AgWeb—will take part in the effort.
We're taking an active role in providing practical information, disseminating viable solutions, highlighting sensible techniques and offering reliable resources for your succession planning needs. It's a big job for us and an even bigger job for you.
As a part of the Legacy Project, we're reaching out to farm families and offering a once-in-a-lifetime opportunity to be a case study and receive succession planning expertise from our Legacy Project team.
We need three Farm Journal Media crop or livestock families who will engage in succession planning and let us chronicle their progress. Though it will be public, no pertinent financial or confidential information will be revealed. The intention is to highlight the process, give a real-life peek at the cares and concerns of a family and encourage others.
Kevin Spafford, Farm Journal's Succession Solutions columnist and founder of Legacy by Design, will lead the consulting team that works with the families. He'll stick through the entire process from consultation to implementation.
If you want to be considered, please send a letter that shares a brief overview of your farm, your succession planning frustrations and your goals for leaving a legacy (see below). Limit your letter to two pages. From the entries, we'll call to verify information, ask some clarifying questions and select three operations.
The Farm Journal Legacy Project is a real step on the road to cultivating multi-generational success in the agricultural community. Our goal is to make a difference—and like you, leave a lasting legacy.
Send entries to:
- DECEMBER 2008