Two Powerful Questions You Should Answer
Dec 23, 2013
From Legacy Moment (12.20.2013).
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"For the youth, do you want to be your dad's 50-year-old hired man? For the parents, do you want your children to work with you—or for you?" This might not be the first time you've read these questions, but they cut to the heart of why a lack of planning can be so destructive for the family. Lucas Lentsch, the secretary of agriculture for South Dakota, posed these questions in an article titled "Make Succession Planning a Priority."
He goes on to plead, "If succession planning has been on the 'to-do list' for some time—make it a priority. Don't wait any longer." To add a bit of urgency, now is the best time to plan. For most, the harvest is done and planting is in the distant future. Families are together, so visiting about this important topic will be of interest. Thanks to Farm Journal and Pioneer, you have plenty of good information, relevant tools and other resources to engage in the process.
I'm always available to address your questions and provide some planning perspective. So, to tag along on Lentsch's theme, make it a priority.
- If you don't know where to start, begin with a family meeting.
- If you don't know what to do next, define some common goals.
- If you don't know who can help, interview professional providers who specialize in succession planning.
- If you don't know if the plan you completed prior is good enough, ask for a second opinion.
- If you don't know if a plan is necessary, ask your neighbor who is preparing the next generation, because your family will be competing with his in the future.
- If you have questions, Ask Kevin.
News & Resources for You:
"Make Succession Planning a Priority" (Lucas Lentsch, South Dakota Secretary of Agriculture).
Decide now to secure your legacy. Our Succession Planning Action Guide helps you track the steps.
eLegacyConnect: The best new resource for providing succession solutions for your farm family.
Discover why the process of succession planning is just as important as the end result.
Photo courtesy of USDA NRCS