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Cultivating Multigenerational Success in the Agricultural Community

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Blog

Building it Stronger

August 18, 2015, 1


LegacyConnection

Kevin Spafford, CFP®

What if succession planning didn’t get mired in emotion and tangled in a web of dissension? Experience shows families hesitate to engage in the succession process due to a ‘powder keg’ of explosive issues.
 
What if succession planning were simplified and measured against some quantifiable value?  Every element of a Comprehensive Succession Solution has the potential to save money, mitigate taxes, decrease unnecessary expenses, and improve the bottom line.  
 
What if succession planning focused on business growth and development? Imagine the potential. If they plan at all, most owners plan piecemeal. They cope as problems arise and hope for a positive outcome.   
 
What if succession planning is about building a business that is bigger, better, and stronger – one that is poised to succeed in today’s dynamic environment? Succession planning is about all of that and more…
 
A comprehensive plan for succession will engage the family in meaningful discussions designed to deal with emotions and provide solutions. It will examine expenses and help the owner and the family to attain financial security. A comprehensive plan is focused on business growth and people development. And, it’s central to building an enterprise that will transition beyond the current generation and become an operation that’s bigger than self. 
 
If you’re ready to see what a succession plan can do for you, we’re here to help.

Are the characteristics outlined here available across your current management team or in the family members who are active in the business? Also use the checklist to evaluate your own personal/professional character. Do you have what it takes? (eLegacyConnect tool available for public access - with no login required - through January 14, 2016.) 

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.

Photo courtesy of Hawks Angus Ranch.

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