From Legacy Moment eNewsletter (09/24/2010)
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One of the most frequently asked questions in the Farm Journal Legacy Project Workshops is "Where do we start?"
In the back (page 82) of the Workbook that is used in the Workshops, there is a Succession Planning Action Guide. It is basically a simplified action plan to help farmers and agribusiness owners initiate the succession planning process. The entire conversation rests on the decision to engage in the process and secure the family’s legacy. The decision to commit to a succession plan can be seen as Step 1. From there you schedule a family meeting… and check off each of the actions on the to-do list as you go.
The most critical element for achieving your succession planning goals is ACTION---supported by clear COMMUNICATION and common OBJECTIVES.
On the Action Guide, the points under "Conduct research and define corrective actions" include:
- Business Planning
- Operating Agreement
- Employment Policy
- Leadership Development, Etc.
These items may require professional assistance, off-farm advisors or outside counsel. Don’t hesitate to ask for assistance. Planning for transition is not a do-it-yourself affair. You can oversee the process, but it will take professionals with specialized capabilities to help a family address the many facets of a comprehensive solution.
Resources & Links for You:
More info about workshops or reserve online now. (You may also call 402-330-0289 to register.)
Download or browse the Legacy Project Workbook – tools, information, and encouragement to help you begin the succession planning conversation.
Review the Succession Planning Action Guide - a step-by-step checklist.
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