Dave Specht spoke this afternoon at the AICPA Ag Conference on succession planning and I thought I would share his four "super-heroes" of succession planning.
- Mr. Immortal - He is the farmer who thinks he will never die and is never ready to pass on the farm to the next generation. Trying to tell him that this is a good thing and needs to be done will likely not go anywhere.
- Dr. Shhhh - Is the farmer who never communicates his/her intentions regarding succession. They may know what they want to do, but it never is verbally communicated.
- Oblivious Man - Is the farmer who is so focused on growing the farm that (s)he does not see any of the real issues going on with kids, spouses, etc.
- Ms. Realty - Is the glue that holds the farm/family together. Likely the person that strives to get the succession process going, etc. (I had asked if there was a Mr. Reality and Dave indicated he had not found one yet).
I am guessing that every farmer who is reading this blog may fall partly or fully into one of these super-heroes. There are certain ways of addressing each of these super-hero types, but that is beyond the scope of this blog post.
Dave has written a couple of books and if you are interested in finding more information regarding this, please click here.
2007 John Deere 8530 Tractor Sold High on Iowa Auction Yesterday
AG TIME And Now We Wait by John Walsh