Feb 23, 2012
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Leave a Legacy

RSS By: Kevin Spafford, Legacy Project

Kevin Spafford is the monthly succession planning columnist for Farm Journal, author of Legacy by Design: Succession Planning for Agribusiness Owners, and has been featured in many industry publications and televised segments.

Yes, We Have Advisers Who Can Help

Feb 21, 2012

Esther Family 07 2011From Legacy Moment (02/17/2012).
Please join us for future issues,
delivered via email each Friday.


It's one of the most asked questions we receive: "Do you have advisers who can help us plan for succession?"
 
Yes. We have a team of Legacy Certified Advisers who work with us to serve the succession planning needs of farmers and agribusiness owners. Though each is an independent contractor, with their own respective financial services business, they serve as part of the Legacy by Design team to provide solutions to the succession planning puzzle.
 
Legacy Certified Advisers facilitate the succession planning process and help client families realize their succession planning goals. They adhere to our planning process and follow our methodology as they work directly with each client family. Our team approach means that each succession plan benefits from the collective experience and education of our advisers as well as our planning department.
 
Each Legacy Certified Adviser must pass a strict certification process:
 
  • Possession of an advanced professional designation, such as a CFP®, ChFC®, CLU, CPA or JD.
  • Minimum of 10 years' experience in the financial services industry.
  • Understanding of and appreciation for the rural lifestyle.
  • Appropriately licensed/registered for financial planning, accounting and/or law.
  • Participate in Legacy by Design's Certified Adviser Program, attend regular conference calls and contribute to adviser study sessions.
  • Maintain a high level of client satisfaction.
  • Follow Legacy by Design's Comprehensive Succession Solution.
  • Act in a professional manner and with uncompromising integrity.
 
When selecting an adviser, it is important to measure your wants and needs against the qualifications of the respective adviser. It is easy to call yourself a legacy adviser, yet it's much more difficult to demonstrate the integrity, gain the experience, and earn the education necessary to affiliate with Legacy by Design.
 
News & Resources for You:
 
This brief interview guide outlines questions to consider as you identify your best fit for succession planning guidance.
 
Get in touch with us to learn more about identifying a Legacy Certified Adviser to serve your family.
 
Legacy Project Workshops are designed to remove the mystery, clear the clutter and define a simple planning process. Have you signed up yet?  
 

 

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What Are You Waiting for?

Feb 14, 2012

 

Esther Family 07 2011From Legacy Moment (02/10/2012).
Please join us for future issues,
delivered via email each Friday.
 

The folks at Farm Journal and Top Producer are looking for another good family to see through the succession planning process.
 
July 2011 dellsIf you’ve been curiously watching as the Esthers, Dells and Moeses walk through the process and you wish it were your family, now is your opportunity. All you need to do is send us a letter, in the mail or as an attachment to an email, and tell us a little about your family, your farm and the future you’d like to create.
 
Moes legacy plansIn following these Legacy Moments, reading the magazines, clicking in on the web or watching "Leave a Legacy TV," you know enough about the Project, the succession planning process and my approach to working with the family. You’re well informed regarding the long-term dedication of Farm Journal Media and Pioneer Hi-Bred.
 
As with the other case study families, we will never compromise your confidence. Our intent is to help others learn from those who are doing.
 
As the Esthers wind up three years of sucessful farm transition work, we’ll continue to check in with them from time to time to follow up on the fine points of planning. Remember, succession is a journey. You will be able to continue reading about the Dells and Moeses as usual in Farm Journal and Top Producer magazines.

It’s a life-improving commitment that helps to improve the integrity of the operation, enhance the financial security of each family active in the operation, prepare the next generation to lead and create a lasting legacy.
 

If you would like to be considered, we ask that you send a letter sharing an overview of your farm, as well as your succession planning frustrations and goals.  Letters may be emailed to legacyproject@farmjournal.com, or mailed to 2550 Lakewest Drive, Suite 10 - Chico, CA 95928.  If you have any questions, don't hesitate to call Nancy at (877) 523-7411. 

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Portrait of a Leader

Feb 08, 2012

 LeadershipFrom Legacy Moment (02/04/2012).
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delivered via email each Friday.


Succession is just one of the many challenges you’ll face in growing your operation and meeting the demands of an expanding population. Though our methods for coping with these challenges will change, the leadership characteristics we will need to call upon are eternal.
 
The character of a farmer is founded on hard work, independence and self-reliance. Character is honed by years of dedication, accountability and responsibility. As the operation grows and demands increase, the astute farmer learns about teamwork and persistence.
 
A person doesn’t usually just ‘happen’ into farming; it’s a profession born of passion and a sincere appreciation for the land. It might be said that a farmer is born of the land, raised to be a leader and proud to provide.
 
We must continue to hone our leadership skills to maximize the opportunity in the challenges ahead.
 
Meet some our our great farm leaders in this brief video.
 
News & Resources for You:

The Legacy Project congratulates Gregg Halverson, 2012 Top Producer of the Year! In every aspect of his life, Gregg displays the stellar attributes of a respected and effective leader. Learn more about Gregg's story by watching this episode of "Leave a Legacy TV." 
 
Consider using succession planning as an opportunity for operation growth.
 

 

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"How Much Can I Do on My Own?"

Jan 31, 2012

 Esther Family 07 2011From Legacy Moment (01/27/2012).
Please join us for future issues,
delivered via email each Friday.


It seems like the consummate question. Even if not vocalized, it may be buzzing around in your mind as you consider alternatives to a full-blown succession planning engagement. Questions may come up such as: "Can I do it myself?" or "I don’t think we need all of that, do we?"

Done right, the succession planning process will require an investment of your time, money and effort. Succession planning is not a once-and-done event. It is a series of experiences that move you, the operation and the family toward an eventual ownership transition. Along the way, you’ll realize more financial security, prepare the next generation to lead and strengthen the integrity of the operation.

The soundness of the plan will be based on the degree of your commitment. You must be willing to meet a planning professional in the middle, do some homework and act accordingly:

1. Select an adviser who will facilitate the process, build the appropriate team and ensure a suitable pace.

2. Follow a comprehensive planning process to ensure you achieve your ownership transition, financial security, leadership development and estate tax objectives.

3. Do not hesitate to consider any recommendation. Even disagreement merits a second opinion, so take that step if necessary.

4. Err on the side of overcommunication. Succession planning is a time to talk, listen and visit about potential solutions.

5. Know that each year your plan will be reviewed and refined to meet your goals, so there’s no reason not to start today.

 

News & Resources for You:

Looking for more information? A good starting point is the 2011 Legacy Report.

Not sure how to start the conversation? We can help.

The Legacy Project offers succession planning guidance for your family.

 

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Celebrating Our Farming Heritage

Jan 24, 2012

 Father and Son Ranchers   South Dakota   NRCSFrom Legacy Moment (01/20/2012).
Please join us for future issues,
delivered via email each Friday.


A report from the Farm Foundation, Agriculture’s Strategic Role in Feeding and Fueling a Growing World, notes: "Public understanding of agriculture has changed significantly over the last 75 years. The segment of the population engaged in agriculture has dwindled so that farm households now represent only a small share of all households in the U.S. At the same time, many consumers are increasingly concerned about how their food is produced. Some of these concerns are related to food safety, while others reflect…labor standards and animal treatment." 

It’s apparent that there’s a growing disconnect between producers and consumers. The report goes on to say, "Agricultural producers sometimes struggle to understand public attitudes." But that works both ways. As an industry, we need to demonstrate that family farmers:
 
  • efficiently produce a safe, reliable and secure food supply.
  • are good stewards of our environment and natural resources.
  • remain committed to the values, work ethic and lifestyle that made this country great.
 
Besides the growing disconnect, there are numerous threats affecting our farming heritage. Internally, most farms lose money, and many family farmers have off-farm careers to make ends meet. A full 70% of farms will not be passed on to a second generation. Of those that do get passed on, 90% will not make it to a third generation. And of those that do, 96% will not make it to a fourth.
 
Externally, there is a trend of attacks fueled by misinformation and exaggeration. Just pick up a newspaper or check the best-seller list. Many assert that America’s farming practices are heartless and irresponsible. Once a symbol of our nation’s abilities, agriculture has become a scapegoat for the national deficit, high food costs, an incoherent energy policy and obesity.
 
The family farm is in trouble. We must stand up as an industry and be counted. We must get better at telling our story. As a member of the farm community, you can help. Visit with your neighbors, speak at a Rotary gathering or write a blog. Engage with others and help them address their concerns.
 
Together we can save our farm economy before it goes the way of manufacturing, logging, maritime, fishing and other industries. But it will take a team of concerned individuals determined to make a difference. Can you help your family members take the actions necessary to ensure lasting success? Can you help them answer the call for transparency? The following tools may help:
 
Strategic business plan. Difficult to write, but invaluable for growing an operation. You can provide an objective point of view and specialized knowledge.
 
Operational documents (operating agreement, family employment policy, job descriptions, employee handbook). Running a farm more like a business and less like a family potluck can help to separate business and emotional issues.
 
Professional development. This can benefit each member of the farm management team. The industry is moving at lightning speed and demands leaders.
 
Community outreach. Farms don’t thrive in a vacuum. Community service and public relations (adopt-a-school; agritourism) encourage transparency.
 
Strengthen the family unit. Farm families must protect their financial security, inform members of transition plans and improve plans as goals are achieved.
 
Each of these components celebrates our farming heritage. They protect our nation’s food sovereignty, promote agriculture as a profession, pass viable family farming operations on to the next generation and counteract uninformed special interests. You can help to fortify the food industry in the U.S.
 
News and Resources For You:

Ready to create the farm operation of your dreams?  Begin now with a set of common objectives.
The next Legacy Project Workshops are only a month away.  Register now for Bowling Green, KY or Lancaster, PA (or call 877-482-7203).

Some have questioned whether there is a good future ahead for those who study agriculture.  We think there is.  How about you?
Watch the latest Leave a Legacy online now, and meet a family dedicated to each other, to their farm, and to the agricultural community.
 
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Photo courtesy of USDA NRCS.
 
 
 
 
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