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The Most Important Document You May Ever Sign
From Legacy Moment eNewsletter (April 23, 2010) Please join us for future issues, delivered via email each Friday. The unsung hero of many a successful generational transition is the buy-sell agreement. It is one of the most important documents in the succession planning arsenal. It protects the operation from the whims of inactive owners and off-farm interests. A well-written and properly executed agreement can ensure the operation remains i...
On Legacy TV: Mentors and More
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Have you caught the April Episode of Leave a Legacy TV? In this episode we catch up with Dave Minich – the 2008 Top Producer of the year – about how Minich May Family Farms efficiently manage growth and succession. Next, along with Tommy Dell, a third generation farmer from Maryland, we visit with Texas A&M’s Danny Klinefelter who shares advice for creating a strong lea...
3 Critical Succession Planning Goals
From Legacy Moment eNewsletter (April 16, 2010) Please join us for future issues, delivered via email each Friday. Planning for a family business transition is based on clearly defined objectives of the family. Most succession planning goals fall into three basic categories: a) Improving the integrity of the operation – ensuring that management control remains with active family members. b) Enhancing the financial sec...
Conversation Starters for Family Meetings
From Legacy Moment eNewsletter (April 09, 2010) Please join us for future issues, delivered via email each Friday. One way to drop all preconceived ideas at a meeting is to ask (in a welcoming manner) what each person’s interests or intentions are regarding involvement in the family operation. For a list of questions to get the ball rolling, go to the Conversation Starters Worksheet at www.FarmJournalLegacyProject.com. ...
How to Manage a Family Meeting
From Legacy Moment eNewsletter (April 02, 2010) Please join us for future issues, delivered via email each Friday. Don’t let the formality of a ‘family meeting’ stop you from reaching your succession planning goals. Given the slim probability of success without good communication - and the high cost of failure - family meetings are essential to generate results. Use The Family Meeting guide to plan for the initial gathering, and then use...
We Are American Farmers
A few years back, while browsing around a small town antique store, my wife Anne-Marie stumbled upon a certificate from a magazine - preserved in a simple wooden frame. If the well-worn frame was any indication, this piece had adorned the wall of some farm family’s kitchen for decades. We’ll never know how many may have paused to reflect upon these tho...