Legacy by Design LLC.
Cultivating Multigenerational Success in the Agricultural Community
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Thankful for these Thoughts
This week we heard from a Midwest farmer who, prompted by Jeanne Bernick’s article “Staring Down Succession,” forwarded his own seasoned reflections about succession planning. Bill, thank you for sharing your thoughts with us. As a professional specializing in succession planning, I have a bias toward the value of this process for America’s farm families. As a third generation far...
Create a Custom Operation
For an aspiring agripreneur, becoming a custom operator may be the ideal opportunity to: learn the intricacies of farming develop good money management skills establish good customer service habits develop a reputation for reliability create some business equity Running a business is an excellent opportunity to develop the leadership skills necessary to eventually assume a management position in a larger fami...
Define Your Dream
“Dream and, as you dream, so will you become.” My daughter Sara is an avid horse person. If you are, or have been around a person totally wrapped up in horses, you know what I mean. It’s like a fever for which the only cure is more exposure to the virus that caused the illness. Recently, I received an email from her about wanting a ‘new&rsq...
What's Stopping You?
In the not so distant past, a person had valid, if unstated, reasons for not designing and implementing a comprehensive succession strategy. Back then, 1. There was an overwhelming air of confusion between estate planning and succession planning. Though often used synonymously, an estate plan is designed to minimize the estate tax, and it’s done as an individual activity. Succession planning is designed to maintain the...
Job Descriptions = Effective Tools
An often overlooked, but critically important, step in positioning the operation for growth is a written job description for every position on the farm. Large or small, an organization can’t grow efficiently until each person knows their respective responsibilities and is held accountable for specific results. Writing a job description is fairly straightforward. An owner/manager can start today, and enlist the help of the entire staff. Ask each person to record his/her job dut...
Decisions and Actions
Lou Holtz, arguably one of the greatest football coaches of our time, often says, “The only difference between the person you are today, and who you’ll be tomorrow, is the people you meet and the books you read.” Though I would never disagree with his football prowess, I do apply a little different slant to his aphorism. His point is well intended, yet not completely true. To change, improve or grow, a person has to want to cha...
A Time to Plan
If spring is the season for renewal, fall is the season to plan for renewal. As the owner of a growing agricultural operation, your focus is undoubtedly on harvest (especially in the rain-soaked Midwest), and then on a well spent holiday time of year. These rainy days and the semi-quiet months ahead are the perfect time dust off your business plan and take a fresh look. Many of you will attend a number of the agribusiness seminars, workshops an...