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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.

Cultivating the Crop That Counts

Aug 24, 2011

iStock WheatFrom Legacy Moment eNewsletter (08/19/2011)
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As a farmer, you know that harvest doesn’t just happen. It comes after months of work, planning and preparation. It is often said you reap what you sow, and while many consumers might not understand the cultivation and care that produces a crop, a farmer surely does.
 
The same can be said about succession. If long-term success, multigenerational wealth and growing opportunities are your goal, a comprehensive succession plan is a "must have." The right plan creates a smooth ownership transition, ensures your family’s financial security, helps the next generation prepare for the responsibilities of leadership and minimizes your estate tax obligations.
 
The keys to planning success include:
 
1. Good communication
2. Common objectives
3. Readiness for succession
4. A defined planning process
5. Commitment
 
News & Resources for You:
 
You might wish to start by turning your broad intentions into specific and action-oriented goals.
 
Our "Frequently Asked Questions" may address some of your initial concerns.
Don't forget, you can always email or call for more information. All responses are handled with complete confidentiality. (Email: LegacyProject@FarmJournal.com. Phone: (877) 523-7411
 
Did you catch the latest episode of "Leave a Legacy TV"? The story of how the Rickert family has carried on the heritage of Prather Ranch is one you won’t want to miss. 
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