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Cultivating Multigenerational Success in the Agricultural Community

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Blog

Endow a Family for Generations

February 17, 2016, 5


Broad sky over a green fieldLegacyConnection

Kevin Spafford, CFP®

 Succession planning is a unique experience, and the results of good planning may be the greatest accomplishment of a family business owner. Success is predicated on the chemistry of the family, the integrity of the operation, the forethought of the owner and the composition of tools and techniques used to satisfy the objectives.

Succession planning is not an event; it’s a process. However, that process is comprised of a series of simultaneous and consecutive events that transition the family operation from one generation to the next as a going concern. The entire process is designed from the assumption that operational integrity – maintaining a viable operation – is the source of wealth, pride, tradition and opportunity which may endow the family for generations.

The process should enhance, not compromise, the financial security of the family. The succession planning process is focused on:

  1. Maintaining the current lifestyle of the retiring generation.
  2. Transitioning ownership to the next generation in a manner that unduly burdens neither the new owners nor the capital resources of the business.
  3. Providing some reassurance that an unforeseen catastrophe – death, disability, dissolution or divorce – will not destroy the operation.

 

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

Note: We also invite you to follow Legacy by Design's company page on LinkedIn, highlighting a new succession-related topic each month.

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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