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.
It's Simple to Start
Oct 02, 2012
From Legacy Moment (09/28/2012).
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Succession is affected by everything. There is no way to narrow it down to a single issue or prescribed standard solution. I encourage each farm family to establish a succession plan; without a plan the odds are severely stacked against the success of the family and the operation.
Planning for succession compels the family to discuss, among other things, threats to the operation—regulations, environmental issues, labor, markets, the cost of doing business—and more importantly, the compromises necessary to realize their long-term dreams.
As the family talks about succession and the challenges of the process, asking the following questions may help to focus the conversation:
- Are our goals centered on continuing to farm?
- Are our goals focused on preserving a farming legacy on family land?
- Are our goals intent on growing family wealth and providing future generations with career opportunities?
Using simple reasoning like this, the family may more clearly define common goals.
News & Resources for You:
Get started today by clarifying your goals right here
December will be here before you know it. Remember to sign up now for the Legacy Project Workshops in Amarillo, Texas; Salina, Kansas; and Denver, Colorado.
Photo Courtesy of USDA NRCS.