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Cultivating Multigenerational Success in the Agricultural Community
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Where to Start?
From Legacy Moment eNewsletter (09/24/2010) Please join us for future issues, delivered via email each Friday. START HERE! One of the most frequently asked questions in the Farm Journal Legacy Project Workshops is “Where do we start?” In the back (page 82) of the Workbook that is used in the Workshops, there is a Succession Planning Action Guide. It is basically a simplified action plan to help farmers and agribusiness owners initiate the succession plannin...
Opportunities and Obligations
From Legacy Moment eNewsletter (09/17/2010) Please join us for future issues, delivered via email each Friday. This reader's email ended with..."So I guess my question for you is, can you help me make a decision? I want to take over the farm; my Dad is willing to let me rent all of the ground and the cattle working facilities. But I will have to purchase the cows and all of the equipment… I want the opportunity; I just need someone to tell me it’ll wor...
Crucial Conversations
From Legacy Moment eNewsletter (09/10/2010) Please join us for future issues, delivered via email each Friday. In the succession planning process, nothing is more important than the family meeting. Achieving multigenerational success is based on good communication, common objectives, and appropriate relationships. In the latest episode of “Leave a Legacy” TV, I had the pleasure of visiting with Ron McMillan, co-author of Crucial Conversations, Too...
Life Insurance Analysis
From Legacy Moment eNewsletter (08/27/2010) Please join us for future issues, delivered via email each Friday. Though the purpose of most succession plans may be transferring ownership of the operation during the owner’s lifetime, many owners, for various reasons, maintain some level of ownership until death. If this is the case in your family, planning to transfer an ownership interest held at death means the transfer must also achieve other goals, including minimizing the e...