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Leave a Legacy

RSS By: Kevin Spafford, Legacy Project

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.

Succession Planning for Small Business Owners

Mar 07, 2012

 

iStock Brown BarnFrom Legacy Moment (03/02/2012).
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The 2006 Hartford Business Owners Survey found:
 
- More than half of business owners agree that their business is their greatest personal asset and the primary source of family income.
 
- Only one-fifth of small business owners have drafted a legal agreement detailing their company’s ownership in case of marital dissolution.
 
- Only one-quarter of companies with fewer than 100 employees have key person insurance.
 
- Two-thirds of business owners worry about having enough money for retirement. About one-fifth of small businesses (those with fewer than 100 employees) offer a 401(k) plan.
 
- More than 40% of small business owners say their top long-term personal-finance concern is how to leave their business and realize the monetary benefits of their hard work.
 
 
According to the U.S. Small Business Administration, 90% of U.S. businesses are family-owned but only 30% of family-run companies succeed into the second generation. An even smaller percentage survive into the third.
 
A well designed comprehensive succession plan will address these issues and more. Have you taken the first step-- to sit down with the family to discuss your succession planning intentions and begin creating a lasting legacy? Start with the family meeting, use Conversation Starters and commit to action.
News & Resources for You:
 
Family Meeting Agenda: Ready to map out your family meeting?
 
Conversation Starters will help you identify topics to start the important discussion.
 
Miracle of Commitment will suggest some steps as you begin the journey of succession planning. 
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