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.

Have a succession planning question? Ask Kevin.

« Previous Blog Posting

No Plan for Contingencies

Nov 07, 2008

Concluding our look at the twelve most common mistakes agribusiness owners repeat, this final post addresses planning for the unexpected.

Click here to review previous posts.

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The potential devastation from an untimely death, unforeseen disability, unfunded long term care stay or uninsured health insurance claim, is not worth the risk. This threat can be financially devastating to even the most financially sound proprietor. Planning for sudden and devastating contingencies is critical to business financial health, employee peace of mind and your family’s financial security. The information and the systems to develop a comprehensive contingency plan are readily available. Life, disability, long term care and health insurance are all designed to provide money at the very time it is needed most.

The comprehensive succession planning process includes a thorough examination of the type of protection an owner needs to ensure the family’s financial security.

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In the words of Jeanne Bernick, "Our farms are woven into the fabric of our families and the communities of rural America. Agriculture is at a pivotal time when preserving that legacy by passing it to the next generation is valuable - and priceless. We invite each of our readership families to join us as we strive to help farmers on the quest to leave a legacy."

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