Legacy by Design LLC.
Cultivating Multigenerational Success in the Agricultural Community
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- « Jan
Blog
"But I don't want to generate conflict."
Josh Sylvester, Principal in Legacy by Design, LLC, speaks about dealing with inevitable conflict during the planning process. Many farmers hesitate to begin succession planning or to share their planning ideas with the family, because they want to avoid conflict. However, a certain level of disagreement is normal and to be expected. Conflict does not necessarily mean that a family is dysfunctional. To the contrary, working through a manageable level of conflict, which...
It's an Inside Job!
Family farms are not destroyed by outside forces---the estate tax, government regulations or any other untoward burden---as often as they are left in ruin by a lack of communication and the natural self-interests of active and inactive family members. As a rule, most farmers are not good verbal communicators. But, if communication is critical to long-term success, we must learn to communicate in a constructive manner and on a consistent basis. Succession planning rests on the family&rsquo...
Talk Succession or Just Let It Go?
A reader writes: "Now we sit where our folks did so many years ago. We have two boys who would like to farm, but they have good jobs now. Should we talk to them about succession, or just let it go? I am 71 years young, and want to be fair to all." Watch "Leave a Legacy TV" Thank you for asking. Every day we receive letters, e-mails and phone calls from readers asking if, when an...
Planning Secret #1: Good Communication
As promised in the last eNewsletter, the first secret to planning success is: Learn and use good communication. Communication is the heartbeat of family business. Learning to talk in a respectful and constructive manner is necessary for planning success. Good communication will help the family not only to navigate succession planning, it also will help them grow and develop in the months and years ahead. Watch Leave a Legacy TV ...
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...
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...
5 Points of Consideration for Talking with Dad...
From Legacy Moment eNewsletter (February 05, 2010) Please join us for future issues, delivered via email each Friday. Recently at the Young Farmers Program in Chicago, I had the privilege of presenting a breakout session entitled “How to Talk to Dad.” Since Ben Hudye of Hudye Farms was planning to attend my session, I asked him to join in and share his story. I had met Ben at his farm in Burlington, Colo., on a ...
"The Family is Closer..."
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Tomorrow on 'Leave a Legacy' TV... Join host Kevin Spafford as he welcomes guests Chet Esther (Farm Journal Legacy Project documentary family) and Paul Neiffer (CPA specializing in agriculture). In a special segment, we also learn about how the Esther family feels at this stage in their succession planning process. As Chet puts it: "There's good discussion but, at the end of the day, everyone leaves on the same page... It's honestly brought the family closer together.&...
The List of Common Objectives
Creating, defining and then sharing a list of common objectives is one of the keys to succession planning success. The Legacy Moment eNewsletter of January 22nd discussed the broad objectives of succession planning; it suggested that you complete the Goals Clarification Worksheet and begin to define your objectives. (Sign up for weekly eNews here.) Using the worksheet (excerpt below), write sentences (I call them word picture...
Family Conversation
Q: Great beginning show on Leave a Legacy ........but we missed a portion. Can you list Ms. Darling’s five points to keep in mind to start the conversation with family? Thanks, we look forward to more great information. A: Thank you for asking. As a new outreach, Leave a Legacy is designed to provide good information and appropriate tools for farmers and agribusiness who like you have an interest in succession pla...
Communication in the Family Business
Recently, I had the privilege of making the luncheon address to the participants at the ‘Young Farmers Seminar’ in Chicago. This first ever meeting was an adjunct to the well attended ‘Top Producer Seminar.’ For the attendees it was an opportunity to learn best practices for business, production and management. They networked with peers and interacted with some of our nation’s brightest young agribusiness stars. The attendees were not there because of what...
Not Retaining Sufficient Capitalization
The eighth of twelve most common mistakes agribusiness owners repeat: The NUMBER ONE reason most family businesses fail is insufficient capitalization. Capital is to business as water is to life. It is required to sustain and grow a vibrant operation. Cash reserves are necessary for managing the economic ups and downs of a normal business cycle, and for weathering the storms of an unforeseen crisis. Our office sits on the shore of a picturesque lake. Though no...
Not Sharing Cares, Concerns and Considerations
The third of twelve most common mistakes that agribusiness owners repeat: In most families, there is a near-superstitious taboo about discussing personal, private, adult or parental matters. Kids are taught that it is impolite to ask parents or elders certain delicate questions. They’re not supposed to ask about income or financial issues related to business. In these families, questions about inheritance or plans regarding estate distributions may be con...
No Clearly Defined Objectives
The second of twelve most common mistakes that agribusiness owners repeat: Agribusiness owners ride a rollercoaster of seasonal, daily, hourly, and even momentary demands. The ebb and flow of business decisions, seasonal variables, time constraints, labor resources and environmental pressures all combine to tax a producer’s abilities to focus on what should be. A busy farm owner is often distracted by decisions of the moment that cause him to ignore simple, yet c...
Ignoring the Elephant in the Living Room
Overused, yes. Clichéd, yes. Appropriate? Absolutely yes. “The elephant in the living room” refers to a great big messy situation - a condition so big it’s obvious to everyone, yet so potentially messy that no one wants to mention it. The emotional landmines associated with owning and managing a family business - be it a farm, agribusiness or factory - are like the proverbial elephant in the living room. We know categorically t...
Growing your Agribusiness
If your agribusiness isn't moving forward, it's slowly failing. None of us like to dwell on that, but we all know it's true. Today's competitive business environment should really drive home the point. Adequate capital, profit, and employee development all affect the potential advancement of any business. Furthermore, in a family enterprise, each generation must take responsibility for actively expanding the business. Maintaining a status quo won't be enough. Short-sighted families ris...
Equipment dealer profitability in 2007
Farm Equipment's website includes owners' answers to this question: "What area of your dealership offers the most opportunity for increased profitability in 2007?" Intriguing range of answers from across the country. Take a look.