Leave a Legacy
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.
3 Critical Succession Planning Goals
Apr 20, 2010
Planning for a family business transition is based on clearly defined objectives of the family.
Most succession planning goals fall into three basic categories:
a) Improving the integrity of the operation – ensuring that management control remains with active family members.
b) Enhancing the financial security of each family member dependent on the operation.
c) Ensuring that the next generation is prepared to lead.
The Goals Clarification Worksheet will help a family to define their succession planning goals.
Most succession intentions get lost in the options of “what should we do about ownership transition, the estate tax or retirement income?” If there are too many options, everything sounds plausible without a clearly defined objective.
By clearly defining goals, you eliminate the unproductive possibilities and focus on the constructive solutions to a situation. You won’t waste time researching alternatives that don’t address your specific objectives; rather, you’ll marshal your resources on the most likely alternatives.