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.