Planning Secret #2: Define Common Objectives

Published on: 10:06AM Jan 06, 2011

From Legacy Moment eNewsletter (12/31/2010)
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iStock Green FarmThe 2011 Farm Journal Legacy Workshop series is titled “Plan Success. Enjoy Life.” Each session will focus on the "next steps" in planning, provide the secrets to success, and offer a case study designed to demonstrate the value of a comprehensive succession planning model. Succession planning isn’t for the faint of heart. Like any other worthwhile endeavor, it requires commitment, hard work and a burning desire to succeed.

 
The second secret to planning success is: Define Common Objectives
Human nature encourages us to focus on our own needs first. In a family business, unbridled self-interest can be the beginning of the end. Each person in the family must agree that decisions made and actions taken in the succession planning process must benefit the operation first---and by benefiting the operation, it will continue to endow the family with financial reward, equity and vocational satisfaction.
In the workshops, we will focus on objectives related to:
  • Improving operational integrity
  • Enhancing each family’s financial security
  • Preparing the next generation to lead
Like a to-do list, written goals give the family a single focus. Objectives allow each person to contribute to the success of the operation in a manner that is most beneficial for all.
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