The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Kevin Spafford is Farm Journal’s succession planning expert for the Farm Journal Legacy Project. He hosts the nationally-televised ‘Leave a Legacy’ TV, facilitates an ongoing series of workshops for farm families across the U.S., and is the author of Legacy by Design: Succession Planning for Agribusiness Owners.
From Legacy Moment eNewsletter (08/20/2010)
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Too many professional practitioners equate estate planning for family agribusiness owners with succession planning. Although there is a degree of overlap between the two practice areas, their goals are wholly and completely different.
Succession planning is designed to provide a plan for the orderly transition of ownership from one generation to the next at the owner’s retirement, disability or premature death.
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