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Tools for Succession Planning

November 17, 2010
By: Kevin Spafford, Farm Journal Columnist
 
 

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The succession planning journey is unique to each family and each farm. However, using a comprehensive planning model and a proven planning process can ensure that the needs of the owner, the family and the farm are fully addressed.

The Farm Journal Legacy Project offers more than 30 tools to help you and your family create a farm transition plan. Each of the following tools is in a downloadable format and can be found here.

Selecting an Adviser: Download this brief interview guide to help you identify an adviser who can facilitate your family’s succession planning process.

Succession Planning Self-Assessment: As you begin to consider succession planning objectives, these 20 statements may help you identify your priorities and potential first steps.

Conversation Starters: The success of a succession plan is strongly influenced by the quality and the quantity of communication within the family. Print out this tool that includes strategic questions to help get the family talking.  

Buy/Sell Review: With so many components involved in a buy/sell agreement, it makes sense to periodically review your contract. This online tool can help you assess the viability of your current
agreement and identify areas to be updated.

Life Insurance Needs Analysis: The potential devastation that follows an untimely death is not worth the risk. Life insurance is designed to provide money at the very time it is needed most. Use this worksheet to determine how much life insurance you need.

Goals Clarification Worksheet: Most agribusiness owners seem to have a good idea of what they want to achieve when it comes to succession. This worksheet helps you decide among the alternatives.

Retirement Income and Expenses: Do you know how much retirement will cost you? Capture your estimated retirement income and expenses by working through this detailed online worksheet.

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> Friday, Dec. 10: Michigan State University
Kellogg Hotel & Conference Center
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FEATURED IN: Top Producer - Top Producer Mid-November 2010

 
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