Most farmers want to keep their farms in the family. At least, that’s what succession planning expert Kevin Spafford hears over and over as he visits with farming families. Yet, in today’s world, that’s not an easy task.
Spafford encourages families to determine their goals and consciously work toward them.
He says a comprehensive succession plan is the key to achieving your goals.
“If you are dependent on your farmer’s operation’s success, it is your responsibility to initiate the process,” he says. “We have multimillion dollar operations depending on the decisions of the next generation.”
Here are some steps you can take with your family to complete your succession planning process:
____ Decide to secure your legacy.
____ Schedule a family meeting. Here’s a guide on how to organize and run your first “Family Meeting
____ Define succession planning objectives
____ Identify a facilitator
____ Schedule a consulation
____ Refine goals
____ Conduct research and define corrective actions
____ Business planning
____ Operation agreement
____ Employment policies
____ Other legal arrangements
____ Ownership transition
____ Financial security
____ Dispute resolution
____ Agree on an ongoing communication strategy to inform family
____ Bring in additional assistance as necessary
____ Review annually
You can learn more about succession planning by attending one of the Legacy Project Workshops.