Leave a Legacy
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.
Cultivating the Crop That Counts
Aug 24, 2011
From Legacy Moment eNewsletter (08/19/2011)
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As a farmer, you know that harvest doesn’t just happen. It comes after months of work, planning and preparation. It is often said you reap what you sow, and while many consumers might not understand the cultivation and care that produces a crop, a farmer surely does.
The same can be said about succession. If long-term success, multigenerational wealth and growing opportunities are your goal, a comprehensive succession plan is a "must have." The right plan creates a smooth ownership transition, ensures your family’s financial security, helps the next generation prepare for the responsibilities of leadership and minimizes your estate tax obligations.
The keys to planning success include:
1. Good communication
2. Common objectives
3. Readiness for succession
4. A defined planning process
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