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The Forge of Experience

July 22nd, 2008

Legacy by Design is intensely focused on providing solutions to the most puzzling aspects of long-term business success.  The elements of a comprehensive succession plan provide a path to attainment.  We spend a great deal of time discovering an owner’s intentions, mapping a pathway to achievement, planning the actions and implementing the strategies for multigenerational success.  Legacy by Design’s mode of operation serves as the petri dish for experientially learning many of the key aspects to building a business bigger than self.

We have been challenged lately by what I coyly dismiss as ‘growing pains.’  I often think, “Learn from the incident, record the lesson and move on more prepared.”  In moments of extreme struggle, I remind myself that, “The forge of experience strengthens the mettle of man for more intense challenges.”

For objective reassurance, sound motivation and as a simple reminder of purpose, I always refer to James Allen’s As a Man Thinketh.  For those unfamiliar, James Allen was an author of philosophical prose in the late 1800s.  He wrote 19 books during his nine year literary career, including his most acknowledged work, As A Man Thinketh.

The other day, in a moment of despair, I reassured myself by repeating the following quote:

“To put away aimlessness and weakness, and to begin to think with purpose, is to enter the ranks of those strong ones who only recognize failure as one of the pathways to attainment; who make all conditions serve them, and who think strongly, attempt fearlessly, and accomplish masterfully.”

Allen’s reassuring voice could not have come at a more opportune time.  I sat and studied the words, repeating them over and over to myself.  As I read, and reread, the paragraph my thoughts turned to an eternal question, “Can a person control patterns of thinking, create the right mental attitude, and develop the habits of success?”

__________ (Continued from Leave a Legacy on AgWeb) __________

Dissecting the quote and examining each piece as a geologist might a new-found precious stone:

“… think with purpose”
A definite purpose is a critical characteristic on the pathway to success.  You must know where you want to go.  A clear purpose gives direction and way-points to measure progress.  “What’s your objective?” is the most important question a person can consider before taking action.  To think with purpose, I’ll add - on purpose - is a key to achievement in any endeavor.

“… recognize failure as on of the pathways to attainment.”
This may prove to be the most difficult statement in the entire paragraph, possibly in all of life.  No one likes to fail, yet one must accept failure, maybe even embrace it, as a necessary stumbling block on the pathway to success.  We’ve all heard the adage that you learn more from failure than from success.  Think about that meaning in your own life.  Consider your biggest triumph.  The euphoric feeling of accomplishment does not allow thoughts of what should’ve/could’ve been done differently.  Success does not cause us to reflect.  Failure does.  Failure is necessary until the lesson is learned and sufficient strength is gained to overcome whatever obstacle impedes our progress. 

“… make all conditions service them”
A person cannot control all of the circumstances of life, yet Victor Frankl, in Man’s Search for Meaning, teaches us that we can control our response or reaction to those circumstances.  Making conditions serve us ensures that we utilize the opportunities, and the obstacles, on the pathway to success to their fullest extent.  A farmer plans in fertile ground, under the best of conditions, for an abundant crop.  We must make sure that the ‘ground’ in which we invest our effort is prepped for success.

“… think strongly”
If only the strong survive, shouldn’t one think as strongly as necessary to accomplish the objective at hand?  A can-do attitude backed by infectious enthusiasm will overcome any obstacle and win the race.

“… attempt fearlessly”
Emerson said, “Do what you fear most and you control fear.”  Roosevelt’s famous inaugural address included the timeless phrase: “the only thing we have to fear is fear itself.”  Combine both comments and you have the perfect antidote to master fear.  Philosophers though the ages assure us that it is the fear of failure, rather than failure itself, which paralyzes our action.

“… and accomplish masterfully”
I’m not sure if mastery is the foundation of confidence, or if confidence is the foundation of mastery.  I do know that a masterful accomplishment is the basis for continued achievement at ever-increasingly complex goals.

About now you may be asking yourself, what does this have to do with succession planning?  Doesn’t this blog usually cover family business succession?  My response is “everything” and “yes.”  It is much easier to transition a strong healthy business entity to a next generation of leaders who are strong, healthy and positioned for success.

For a complete copy of As a Man Thinketh by James Allen, please download a copy from our website.

“Cultivating Multigenerational Success in the Agricultural Community”

July 15th, 2008

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Sixteen years ago, Farm Journal introduced Field Agronomist Ken Ferrie and the test plot program.  The goal was to improve productivity.  Through the combined efforts of test plot farmers, chemical companies, seed suppliers, equipment manufacturers, Ken and the editors of Farm Journal, the test plot program is a resounding success.  It has served an instrumental role in changing the face of production agriculture for Farm Journal readers.

We owe a debt of gratitude to the test plot farm families for their willingness to participate in this multifaceted, long-term effort.  Without their abiding assistance the advancements in technology, equipment development and tillage practices would not be possible.  The efforts have improved disease control, conservation and resource management.

Our surveys tell us you want more.  It seems that the most confounding and complex problem confronting the agricultural community is the challenge of creating a viable succession strategy.  A comprehensive plan will:

- Seamlessly transition the family operation to a next generation
- Prepare tomorrow’s leaders for changing roles and responsibilities
- Design a feasible retirement option
- Address estate tax issues
- Ensure operational continuity in case of death of disability

There are really only two options - to plan or not to plan.  Not planning leads to business failure and family discontent.

Farm Journal is taking an active role in providing succession solutions.  Like Ken Ferrie and the test plot program, we are offering to use the expertise of my Legacy by Design succession planning consultants to work directly with farm families as they engage in the planning process.  Farm Journal, Top Producer, Dairy Today and the other labels of Farm Journal Media are offering a comprehensive succession planning engagement to three farm families in exchange for the opportunity to chronicle the process for readers, viewers and AgWeb visitors.

Succession planning is normally a very personal and absolutely confidential affair between the family and the professional succession planning team.  The process takes place over eight to eighteen months, and involves the current owners and active family members.  It all starts with a consultation, goes through a series of discovery interactions and culminates in a formal succession plan and implementation schedule.

“The Farm Journal Legacy Project is a real step on the road to cultivating multigenerational success in the agricultural community,” says Charlene Finck in Farm Journal, Late Spring 2008.  As we make plans for this project, please consider getting involved.

1. Do you need the guidance of a firm that specializes in succession for agricultural concerns?

2. Will you implement recommendations designed to protect your farm and create a lasting legacy?

3. Would you like others to learn from your experience?  (No financial information will be revealed.)

If you can answer ‘yes’ to the three questions above, and you want to be considered for the project, please send a letter that shares a brief overview of your family, your succession planning frustrations and your goals for leaving a legacy.  Please limit your letter to two pages.  From the entries, we’ll call to verify information, ask some clarifying questions and select three operations to participate.

Submission details here.

Confidence During Tough Times

July 8th, 2008

When the going gets tough, what helps farm families to thrive?  A University of Wisconsin study found that the attitude is key.  According to the findings:

“Families that survived in farming were more likely to:

-  Have confidence in farming as an industry (now and in the future).
-  Have confidence in the family’s ability to endure and solve problems.
-  Have confidence in the family’s ability to cope and respond as a family unit.”

Read a summary of the report on Farm Family Resiliency, as presented by University of Illinois Extension >>  

“Our country’s entrepreneurial spirit”

July 2nd, 2008

According to Denise O’Berry, “Family businesses embody our country’s entrepreneurial spirit and represent the hopes and dreams of many for independence, community, self-sufficiency, and wealth.”

In her article, Seven Short Leadership Lessons for Anyone Who Runs a Family BusinessEdward Hess (of Emory University in Atlanta, Georgia) shares lessons for family leaders, including:

“The fundamental overriding principles of managing a multi-generational family business are:  a) Transparency
                           b) Inclusiveness
                           c) Consistency
                           d) Fairness”

Check out all seven “Short Leadership Lessons” >>

*~*~*~*~*~*  Wishing everyone a wonderful 4th of July!   *~*~*~*~*~*

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