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.
Endow the Family for Generations to Come
Jun 12, 2014
From Legacy Moment (06.06.2014).
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Succession planning is a unique experience. It brings the family together and causes them to focus on common goals and shared values. The results of good planning may be the greatest accomplishment of a family business owner.
Succession has a lasting effect on family chemistry, operational integrity, financial security and, most importantly, future generations. But success isn't easy, and the process is not always linear. You must engage professionals with the experience, tools and techniques that generate lasting achievement and satisfy your objectives.
The planning engagement is not an event; it's a process. However, that course is composed of a series of simultaneous and consecutive events that transition the family operation from one generation to the next as a going concern.
At times it can be dynamic and cumbersome, fulfilling and uncomfortable, but that's a great description of family life anyway. Most families can focus on improving operational integrity -- maintaining a viable operation, enhancing financial security -- providing the financial resources to support the family and preparing the next generation to lead -- personally and professionally. The ultimate goal is an operation that will endow the family for generations to come.
So, when is the right time to plan? There's no time like the present...
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Photo courtesy of USDA NRCS.