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Succession Planning Goals
Kevin Spafford, CFP®
Jim Collins, the author of Good to Great, is noted as saying, ‘good is the enemy of great.’ In succession planning, good intentions are the enemy of real commitments.
Most farmers and agribusiness owners have a good idea of what they want to achieve in succession. In their minds they know the abstract who, when, and how of their transition. Unfortunately, most of those ideas are a bit fuzzy and undefined. In describing their desires, most will use general terms and ‘you know’ statements.
I recommend starting the process with written goals and clearly defined objectives. Each person and every family involved in or interested in the operation can define goals in the following three areas:
- Maintaining Operational Integrity.
- Enhancing the Family's Financial Security.
- Preparing the Next Generation to Lead.
A well-crafted succession strategy is built on solid goals, which are turned into actions to generate results.
Assessment: Ready to Hang Up Your Spurs?
Though the future of business is fraught with many challenges, so is retirement. Owners should take time to detail in writing your ideal retirement situation, defining specifically what’s best for you, your family and the operation. All too often people make hasty decisions based on unclear desires. These questions may help to get the thought process started.
(eLegacyConnect tool available for public access - with no login required - through December 23,2015.)
Thumbnail image courtesy of Montana Stockgrowers Association.
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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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