Editors Note: The holiday season is often a time to reflect on the year's accomplishments and to celebrate family. This story is part of a three story series about the struggles and successes of members of the Farm Journal Legacy Project family, the three Legacy Project case studies you have followed in Farm Journal, Top Producer and Dairy Today magazines this year.
May, 2011 by Jim Dickrell
After months of document collection and analysis, Legacy Project advisors were finally able to sit down with Greg, Julie, Jim and Kathy Moes in late April to start sifting through options.
They met with Kevin Spafford and Josh Sylvester, transition planning experts who lead Farm Journal’s Legacy Project. What the Certified Financial Planners found shocked the Moes:--> Continue Reading
July, 2011 by Jim Dickrell
Perhaps the least fun job in family business transition planning is gathering the documentation to give planners a complete picture of the business—its structures, its assets and strengths, its liabilities and vulnerabilities.
It’s also one of the most critical pieces in a complex puzzle, says Kevin Spafford, succession planning expert and leader of the Farm Journal Legacy Project.
Like most families, the Moes family of Watertown, S.D., has struggled a bit to pull together all the information. Their goal was to compile everything by mid-October of last year. They got the last of it to Spafford and his team in early March. --> Continue Reading
July, 2011 by Jim Dickrell
Every morning at 4 a.m., Jim and Greg Moes meet in their office at their dairy’s milking center to plan the day’s activities. It’s quieter then, before feed wagons and milk trucks roar through the farm.
The brothers were born in 1953, only 11 months apart. While they can be strong-willed and opinionated with outsiders, they’re in near perfect unison on their goals for their families, employees and business. --> Continue Reading
July, 2011 by Kevin Spafford
When Jim and Greg Moes, their spouses and their families signed on to be a Farm Journal Legacy Project case study family, they knew they’d have to make some tough choices and difficult decisions.
They recognized the need to transition their business to the next generation, though, and know it was something that had to be done. The Farm Journal Legacy Project team of experts is working with the Moeses to take a structured approach, moving through six steps: --> Continue Reading
June 6, 2011 by Jim Dickrell
After months of document collection and analysis, Greg, Julie, Jim and Kathy Moes were finally able to sit down with their Legacy Project advisers in April to start sifting through options. They met with succession planning expert Kevin Spafford, who leads Farm Journal’s Legacy Project, and team member Josh Sylvester. What their advisers found shocked the Moeses.
"There were a lot of surprises when Kevin and Josh went through our existing agreements," says Greg Moes. "We almost put the operation in worse jeopardy through the use of some of these agreements." --> Continue Reading
November, 2011 by Jim Dickrell
Now that the last bushel of corn is in the bin and the last load of manure has been spread, Greg and Jim Moes finally have the time to revise the buy-sell agreements between the two of them.
The Goodwin, S.D., brothers are part of the Farm Journal Legacy Project, which helps farmers transition their business to the succeeding generation. But before they do that, the Moes brothers have to get their own business plans updated. --> Continue Reading
Are you the next Legacy Project case study? The Farm Journal Legacy Project is devoted to cultivating multigenerational success. A key part of that is the unique and unprecedented chronicling of three case-study families as they work through their individual succession planning processes. As the Esthers wind up three years of successful farm transition work, the timing is right to learn from a new farm family. This doesn't mean we won't check in with the Esters, as the succession process never fully ends. But Top Producer is looking for a new family ready to create a lasting legacy for their farm business and family members. If you'd like to be one of the families that Farm Journal Media works with in the Farm Journal Legacy Proejct, please send a letter that shares an overview of your operation, your succession planning frustrations and your goals to LegacyProject@farmjournal.com. For more details, call (877)523-7411.