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.
Nov 30, 2011
From Legacy Moment (11/25/2011).
Please join us for future issues,
delivered via email each Friday.
Thanksgiving is a time of year to take inventory, count our blessings and appreciate all that is good in our lives. For some, it’s a time to passively sit back and feel fortunate. For others, it’s an opportunity to actively ensure that we express real appreciation for all that is ours.
Positive results come from good decisions and decisive actions. They don’t just happen. For lasting success, a person must be willing to plan, invest effort, overcome challenges and persevere. Succession planning is designed to put you in control and eliminate uncertainty.
The most common succession planning goals expressed by farm owners include:
1. Keeping the farm in the family.
2. Maintaining operational success.
3. Providing financial security for family members.
4. Minimizing the estate tax liability.
5. Maintaining family harmony.
By themselves, achieving each of these five goals is difficult. Together they call for extraordinary effort. The only way to ensure success is to follow a comprehensive plan for succession. Making the decisions necessary to create a plan and taking the actions needed to implement solutions is the key to a lasting legacy.
Start now; make 2012 the year you take control and plan for tomorrow. Your family, your farm and your future depend on the decisions you make and the actions you take.
News & Resources for You:
Still nibbling on your Thanksgiving leftovers? As you no doubt noticed, most food items do cost more this year.
Only three Legacy Workshops remain during the 2011 season. Our December events are right around the corner – remember to sign up! (Or you may call Farm Journal Events at (877) 482-7203.