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Cultivating Multigenerational Success in the Agricultural Community

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Blog

Getting Started On Your Own?

October 21, 2015, 1


Tractor hard at work in field - photo courtesy of USDA NRCSLegacyConnection

Kevin Spafford, CFP®

Do you prefer to go it alone? For home improvements, maintenance around the store or routine automotive service, would you rather do it yourself? Like many of your farming neighbors, you may revel in showcasing your tendency for self-reliance and independence. For most entrepreneurs, knowing they can do it better is what gave them the confidence to start a business in the first place. For the confident do-it-yourselfer, succession planning may be difficult, but not impossible.


Knowing that a successful transition without a plan is rare, elevating the planning process to a ‘must do’ rather than a ‘nice to do’ will pay dividends in the long run. If you’re confident in your abilities and don’t mind a challenge, it may be efficient to start the succession planning process on your own and then enlist professional assistance as needed. Challenges include creating an environment for good communication, focusing on common objectives, ensuring readiness, following a proven planning process and committing to take each next step. 
 

 

Feel you've already got a pretty good start on planning for succession?  Before you check it off your to-do list, take a few minutes to review this self-assessment.  Our eLegacyConnect tool, "Is Your Plan Complete?" available for public access - with no login required - through November 20, 2015.

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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