LEAVE A LEGACY
MARCH 27, 2015
AGROLIQUID:
GOOD MORNING I’M CLINTON GRIFFITHS. WELCOME TO THIS SPECIAL EDITION OF LEAVE A LEGACY. AS WE KNOW, FARMING TODAY IS A BUSINESS. YES IT CAN BE A LIFESTYLE TOO....BUT LOGEVITY REQUIRES SMART BUSINESS DECISIONS. AND OFTEN THE BUSINESS OF THE FARM--GIVES WAY TO THE CREATION OF A NEW ENDEAVOR....A FRESH IDEA, A BUSINESS OUTSIDE OF THE FARM ITSELF. THIS MORNING, WE’RE HEADED TO ST. JOHNS MICHIGAN TO MEET A FAMILY AS PASSIONATE ABOUT AGRICULTURE AND THE FARMERS THEY SERVE AS THEY ARE ABOUT THE BUSINESS THEY’RE BUILDING TO SUPPORT IT.
WORKSHOP VO:
RECENTLY I CAUGHT UP WITH SEVERAL LEGACY PLANNING EXPERTS AT ONE OF THE MANY FARM JOURNAL LEGACY WORKSHOPS. INCLUDING JOHNNE SYVERSON--A 40 YEAR VETERAN IN THE FINANCIAL AND ESTATE PLANNING ARENA…HE SAYS BEING SUCCESSFUL IN THE FIRST GENERATION MAY NOT BE AS HARD AS MAINTAINING THAT SUCCESS IN GENERATIONS TO COME.
JOHNNE SYVERSON FAMILY WEALTH:
WERE JOINED NOW WITH JOHNEE STEVERSON HE’S WITH TRANSITION POINT BUSINESS ADVISORS YOU DO A LITTLE LOT OF WORK WITH FAMILY AS THEY TRY TO TRANSITION TO THE NEXT GENERATION. WHAT IS THE ONE OF THE BIGGEST CHALLENGE A LOT OF FAMILY FACE? WELL IN TRANSITIONING INTO BUSINESS IT’S REALLY DIFFICULT FOR THE BUSINESS OWNER WHICH IS THE SENIOR GENERATION TO DIVORCE THEMSELVES FROM THE BUSINESS WHEN THEY ARE TALKING ABOUT FAMILY AND THOSE TWO GET REALLY CONFUSING ESPECIALLY IF ALL FAMILY MEMBERS AREN’T IN THE BUSINESS ITSELF. THAT REALLY BECOMES A CHALLENGE AND ESTER BATED BY THE FACT WE HAVE SENIOR GENERATION OF BUSINESS OWNERS FOCUS ON GENERATION AND PREPARING THE NEXT GENERATION COMING DOWN THE LINE WHEN THEY WANT TO FIND THE EXIT IT JUST NOT ABOUT DYING IT’S ABOUT EXITING BEFORE THEY DIE. THE PREPARATION THERE HAS TO BE KEY RIGHT? OTHERWISE YOU CAN GET A WHOLE BUNCH OF STUFF AND DON’T BE PREPARED TO HANDLE IT ALL. WELL YES PREPARING THE ERRORS TO RECEIVE THEIR WEALTH COMING FROM THE SENIOR GENERATION THAT’S USUALLY NOT DONE TODAY IN FACT MANY SENIOR GENERATIONS THERE STATEMENT IS THEY WILL FIND OUT AFTER THE FUNERAL. THAT PROBABLY NOT A GOOD PLAN BECAUSE IT CREATES A LOT OF POTENTIAL ANIMOSITY AND MISUNDERSTANDING AMONG NEXT GENERATIONS SIBLINGS, COUSINS AND SO ON AND SO FORTH SO IT’S MUCH BETTER TO PLAN AHEAD OF TIME FOR A BUSINESS EXIT A SALE OF A BUSINESS OR PASSING ON A BUSINESS IN THE EVENT OF A DEATH. ANY TIPS OUT THERE FOR HELPING FAMILIES GETTING THAT NEXT GENERATION READY? YES THE KEY TO GETTING THE NEXT GENERATION READY IS NOT TOOLS AND TACKED AND DOCUMENTS AND SO ON ITS WHERE A LOT OF US WILL LIKE TO FOCUS THAT IS KIND OF FUN PLAYING WITH THAT STUFF YOU KNOW. THE REAL KEY IS COMMUNICATION AND BUILDING TRUST IN THE FAMILY MEMBERS ESPECIALLY THE IN-LAWS AND THE NEXT GENERATION THAT’S NOT REALLY DONE MUCH BY THE PROFESSIONALS ADVISORY TEAMS TODAY SO OUR ROLES IS TO COME ALONGSIDE THE TECHNICIANS THE TECHNICAL FOLKS AND PROVIDE MORE DEEP PERSONAL BACKGROUND AFTER WE INTERVIEW ALL THE FAMILY MEMBER. WE HELPED THE A FAMILY UP IN UPSTATE NEW YORK OF 21 FAMILY MEMBERS IN TWO DAYS AND WHAT’S INTERESTING THEY WILL TELL US THINGS THAN THE WILL TELL THE SENIOR GENERATION THESE ARE THE WAY FAMILIES ARE BUILT FAMILIES GET KIND OF MESSY.
TEASE:
GREAT ADVICE FOR LOTS OF FAMILIES OUT THERE…NOW WHEN WE COME BACK, WE’LL SIT DOWN WITH THE BANCROFT’S AGAIN AND DISCUSS THE TRANSITION TO THE NEXT GENERATION AND HOW THESE HARD WORKING PARENTS PREPARED THEIR KIDS TO JOIN THE FAMILY BUSINESS.
AGROLIQUID LEADERSHIP:
MUSIC UP....AGRO-CULTURE LIQUID FERTILIZER IN ST JOHNS MICHIGAN IS A THREE GENERATION FAMILY BUSINESS. TODAY TROY AND JILL BANCROFT HEAD UP THE OPERATION WITH HELP FROM THEIR THREE SON’S. AND WHILE THEY’VE RAISED THEIR FAMILY TO KNOW AND RESPECT THE AMERICAN FARMER THEY KNOW THAT MESSAGE ISN’T REACHING EVERYONE.THAT’S WHY THEY RECENTLY ADDED A 10-THOUSAND SQUARE FOOT EDUCATIONAL CENTER DEDICATED TO SPREADING THE MESSAGE. 296_0061 5:55 SO WHY THE EDUCATION SPACE….THIS IS REALLY WELL DONE OBVIOUSLY. WE’VE HAD A RESEARCH FACILTY FOR OVER 20 YEARS AND WHEN YOU HAVE RESEARCH YOU SPEND A FARE AMOUNT OF TIME EDUCATING PEOPLE ON IT. 6:03. 6:23 WE REALIZED PEOPLE DON’T REALLY UNDERSTAND HOW CORN IS GROWN HOW THEY GET PRODUCE TO THEIR TABLE. EVEN WHAT INGREDIENTS CORN AND SOYBEANS ARE IN. AND WE SAID LOOK ITS OUR JOB TO TELL THEM. 6:38 WE’RE A SMALL VOICE BUT WE’RE A VOICE AND THIS IS A STEPPING STONE TO SAY WE’RE SERIOUS AND WE WANT TO TEACH AND EDUCATE THE NEXT GENERATION AND CURRENT GENERATIONS WHERE THEIR FOOD AND FIBER COMES FROM AND HOW THEY SHOULD BE INVOLVED IN IT TO MAKE SURE WE DON’T RUN OUT FOR OUR KIDS AND THEIR KIDS. 6:56) ITS A MESSAGE THE FAMILY IS PASSIONATE ABOUT. FOR TROY AND HIS WIFE JILL PASSION IS A TRAIT THEY’RE INSTILLING IN THE NEXT GENERATION OF LEADERS.
TEASE:
STILL TO COME ON THIS EDITION OF LEAVE A LEGACY....WE’LL MEET A FARM FAMILY FROM KENTUCKY THAT’S TAKING THEIR LEGACY PLANNING FROM A HANDSHAKE AND A NOD TO OFFICIAL PAPERWORK. THEIR STORY WHEN WE RETURN.
PATTERSON FARM:
TODAY WE’RE OFF TO THE BLUEGRASS STATE TO MEET A FARM FAMILY THAT RUNS A COMPLEX BUT VERY TIDY OPERATION...ONE REASON THEY JUST RECENTLY NAMED TOP PRODUCERS OF THE YEAR. THIS MULTIGENERATIONAL WORKFORCE JUST RECENTLY PUT IN WRITING WHAT A HANDSHAKE HAD TAKEN CARE OF FOR YEARS.
TEASE:
A GREAT FAMILY AND A GREAT STORY…STILL TO COME, WE’LL TELL YOU ABOUT UPCOMING OPPORTUNITIES TO START YOUR OWN LEGACY PLANNING JOURNEY WITH THE HELP OF SOME OF THE BEST EXPERTS IN THE BUSINESS.
POLLY DOBBS FIRST RIGHT OF REFUSAL:
TRANSITIONING THE FAMILY OPERATION FROM ONE GENERATION TO THE NEXT ISN’T ALWAYS CLEAR CUT. BUT AS POLLY DOBBS, AN INDIANA ESTATE PLANNING ATTORNEY TELLS US, THERE ARE STRATEGIES FAMILIES CAN USE TO TAKE SOME OF THE EMOTION AND THE MYSTERY OUT OF THE DECISION.
TEASE:
WHEN LEGACY CONTINUES, WE’LL WRAP THINGS UP AND LET YOU KNOW WHERE UP COMING WORKSHOPS ARE BEING HELD IN CASE YOU AND YOUR LOVED ONES ARE READY TO GET STARTED.
LEGACY EVENTS 2015:
OF COURSE WE’VE BEEN TALKING ABOUT TRANSITIONING THE FAMILY BUISNESS, FARM OR RANCH FOR SEVERAL YEARS NOW. BUT IF YOU’RE READY TO MAKE 2015 A YEAR OF ACTION...HERE ARE FEW WORKSHOPS TO HELP GET YOU STARTED.
CLOSE:
THAT’S ALL THE TIME WE HAVE THIS MORNING. WE’RE SO PLEASED YOU WERE ABLE TO JOIN US FOR THIS SPECIAL EDITION OF AGDAY. FROM ALL OF US HERE AT FARM JOURNAL BROADCAST. I’M CLINTON GRIFFITHS. HAVE A GREAT DAY.
