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.
Succession is Not a Do-It-Yourself Project
Apr 12, 2011
1. Can you actively participate in and objectively facilitate your family meetings?
2. Do you know how to define common objectives and focus the family’s attention on clearly defined goals?
3. Are you able to effectively direct a multidisciplinary team of professionals to implement your succession objectives?
4. Do you know where to go for technical support related to accounting, finances and legal needs?
5. Will you follow through to the finish and arrange annual reviews?
If you answer no to any of the questions above, I suggest you look into hiring an adviser to help you navigate the succession planning process.
A key decision is choosing the right facilitator to guide your family through the complexities of succession planning. The person or firm should have the credentials, experience and education to support your objectives. Just as in sports, you need the right team in place.
The Legacy Project’s "Selecting an Adviser Tool" will help you to evaluate the adviser choices and make the selection that is best for your family.
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