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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.

12 Mistakes Agribusiness Owners Repeat

Aug 05, 2008
A successful agribusiness owner should be concerned with two very important questions:

•  How do I pass the ownership interest in the farming operation to my heirs in a fair and equitable manner?
•  How do I ensure that the farm remains a viable business opportunity through ownership transition?

There are twelve mistakes we see time and time again while addressing succession planning goals.  Many well-intentioned agribusiness owners sow the seeds of discontent and unwittingly destroy the opportunity to create a living legacy.  Each mistake can be avoided or mitigated with planning and objective advice.

In the coming weeks, through this 'Leave a Legacy' blog, I will address the most common mistakes and offer suggested actions to alleviate, eliminate or mitigate the coming damage.

Please feel free to chime in, offer solutions from your experience, ask questions of concern or tender a constructive critique.  The interactive dialogue will be appreciated by everyone interested in leaving a positive legacy.


The twelve most common mistakes agribusiness owners repeat include >>
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COMMENTS (2 Comments)

Anonymous
But the land you could have bought is more valuable now, and it will continue to produce crops for as long as you own it. Your view is the short run.
5:25 PM Aug 5th
 
Nuffield
The number one mistake farmers are making is buying land instead of hedging input costs either through hoarding for subsequent seasons or through buying the stocks of companies profiting from their pain (fertilizer and herbicides). I bought two years needs of herbicides, fungicides and fertilizer in October 2007. I could only afford that because I wasn't burdened with debt from having bought the neighbour out. Farming today and tomorrow will be about managing the cost base and scale was only effectively when money was cheap. Just my two bobs worth. I made more in one year of investing in fertilizer stocks than from 2 years of farming ... the trend for costs is defined and it ain't down.
6:01 PM Aug 2nd
 

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