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The Journey Begins

September 23, 2010
By: Kevin Spafford, Farm Journal Columnist
 
 

 

Bonus Content

More on transition planning:

Your Legacy To-Do List

Succession Planning Glossary

An Issue of Trust

Farm Journal's Legacy Project

Jim and Greg Moes, their spouses and their families are embarking on a journey that will force them to make some tough choices and difficult decisions.

The Moes family of South Dakota, featured in the September issue of Dairy Today (pages 18 to 20), recognizes the need to transition their business to the next generation. And their situation, like that of thousands of other farm families, presents unique challenges.

As our Legacy Project team of experts works with the Moes, we will take a structured approach, moving through six steps:
 

 

  • Consultation. This first meeting helps the family define common succession intentions for the operation, family and owners. It includes input from all active family members and a discussion of specific succession goals.

 

  • Discovery. In this step, we collect emotional and factual information and examine the familial, operational and financial situation. We confirm the succession objectives and evaluate current business structures, accounting history and estate planning documents.

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FEATURED IN: Dairy Today - October 2010

 
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