Jul 28, 2014
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Leave a Legacy

RSS 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.

The Ultimate Harvest

Sep 17, 2013

iStock WheatFrom Legacy Moment (09.13.2013).
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Like everything else in farming, multigenerational success is the result of planting the right seeds, nurturing an appreciation for farming and then guiding the next generation through a defined transition process. Your plan must contain provisions for the ownership transfer, leadership development, financial security and estate taxes. Beyond that, everything else is a measure of leadership. It all depends on the capabilities of people involved in the process.  

Consider the operation:

  • Is it recognized as a well-led, profitably managed and efficiently maintained enterprise?
  • Do others in the industry emulate the practices employed in the operation?
  • Do others imitate the methods used and adopt them as best practices?

 

For family members and loyal employees:

  • Do employees, suppliers and third-party vendors speak admiringly of your operation and seek your opinions?
  • Are your children and/or loyal employees considered leaders in their respective fields?
  • Do they command the respect and admiration of industry peers?
  • Are they ready, willing and able to assume more prominent roles in the operation?
  • And, most importantly, do you abide their leadership skills and respect their abilities?
     

As the owner:

  • Do you demonstrate a 'leadership by example' that others respect, admire and willingly follow?
  • Are you gradually yielding control while maintaining the communication necessary to guide decisions and mentor others?

 

Leadership is a multifaceted pursuit of better. It's a quest for constant improvement. With the right leadership, anything is possible. Without it, nothing is.

News & Resources for You:

How may we help you and your family achieve your 'ultimate harvest?'

Registration is now open for December's Legacy Project Workshops. (Find out about the new 201 workshops!)

Have you accessed your free trial of eLegacyConnect? Find Succession Solutions for your farm family.

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