Succession planning underpins the future
It’s a common misconception that "whatever Dad decides goes" in regard to the future of the family farm. Just the opposite is true. Succession planning requires involvement from the entire family—young and old alike.
At the Kansas City, Mo., Farm Journal Legacy Project Workshop held in December, families brought the next generation of leaders to the event to learn firsthand why succession planning is so important. In fact, the crowd had the youngest demographic of any Legacy Project event in 2011.
Each of the workshops is facilitated by Farm Journal succession planning expert Kevin Spafford. Families are equipped with the necessary information and tools to start the succession planning process.
One couple at the Kansas City workshop was eager for their son to return home now that he has finished college. Another couple was urging their son to attend college.
David Boland, a farmer from Paris, Ill., has been to several Legacy Project events. After finally convincing his son it was important, the two attended the Normal, Ill., workshop together. As a result, they realized they share common goals for the farm and set the wheels in motion to figure out the next steps in the process.
Louis and Martha Rone traveled from their cattle operation in Portage-ville, Mo., to Memphis, Tenn., because they realize the importance of preparing for generational transition.
If you didn’t attend a Legacy workshop last year, make plans to attend one of the 2012 events near you.