Leave a Legacy
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.
Commit to Success
Jun 25, 2014
From Legacy Moment (06.13.2014).
Please join us for future issues,
delivered via email each Friday.
Though oft repeated, it's good to be mindful: Planning for succession is not an event but a process. A process that is composed of a series of simultaneous and consecutive events designed to transition the family operation from one generation to the next as a going-concern. The entire progression is based on the assumption that operational integrity—maintaining a viable operation—is the source of wealth, pride, tradition and opportunity that will endow the family for generations.
The process should enhance the financial security of the family and prepare the next generation for leadership. The succession planning process is focused on:
1) Maintaining the lifestyle of the retiring/transitioning generation.
2) Transitioning ownership to the next generation in a manner that does not unduly burden either the new owners or the capital resources of the business.
3) Providing some reassurance that an unforeseen catastrophe—death, disability, dissolution or divorce—will not destroy the operation.
So, isn't it about time you commit to success and engage in the planning process?
News & Resources for You:
Too many people procrastinate when it comes to succession planning.
Some information is timeless. The Legacy Project 2012 Report is a full issue of succession planning information and resources, and it's all available online now.
A new episode of "Leave a Legacy TV" airs this Friday, June 27! You can catch it on these stations.