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Cultivating Multigenerational Success in the Agricultural Community

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Blog

A Model for Succession Planning

March 3, 2015, 1


LegacyConnection

Kevin Spafford, CFP®

Following a defined process for succession will improve efficiencies and promote desired outcomes.

For the business owner, nothing is more precarious than transitioning the operation from one generation to the next. For most owners, the business represents a lifetime of work. It is a testament to effort and the result of a lot of angst. When you consider retirement, or the next venture in your vocational life, you can’t just walk away from your current operation. You’ve got too much invested and you expect a return on your equity.
 
If you’ve been researching your options, you’ve no doubt come to realize there’s no one ‘sure thing’ solution for planning succession. Until now, the process has been ill defined and the outcome chancy.  Following a defined process for succession will improve efficiencies and promote desired outcomes. In working with families, we recommend a six step planning process:

  • Regular Communication Meetings
  • Discovery Process
  • Preliminary Plan
  • Final Plan
  • Implementation Phase
  • Annual Review

Comprehensive succession planning and implementation will be pivotal in securing a lasting family legacy.

This series of 'simple decisions' is designed to help you settle on some specific goals for the farm, your family and the future. Respond Yes, No, or N/A to each item – and make note of any details and special considerations. (eLegacyConnect tool available for public access - with no login required.)

 

Thumbnail image courtesy of McGarva Ranch Range Division.

Subscribe to LegacyConnection, our free weekly eNewsletter, for planning tips, tools, and more… 

Have questions specific to your family?  We’re always happy to schedule a complimentary phone consultation to discuss your family’s succession objectives, review potential next steps, and determine how we can help.

  

 

 

 

 

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