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Cultivating Multigenerational Success in the Agricultural Community

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Blog

There's Only Two Kinds...

March 9, 2015, 1


LegacyConnection

Kevin Spafford, CFP®

“…the quick and the dead,” is a commonly used refrain from Tom Peters. Though the comment probably originated as a reference to gunfighters of old, the sentiment rings true when referencing business leaders today---albeit with significantly less carnage.

Leadership is the core of family business. Without a strong, agile, and insightful leader, a business is not likely to prosper and may well be on the path to extinction. Success awards those who are adaptable, who are capable, and who apply extraordinary effort.

Planning for succession is the next chapter for a vibrant business. It is critical to financial security, lasting value, and long-term success. So, what have you done to ensure a lasting legacy?

  • Is your family informed about your succession intentions and do they understand your desires?
  • Have you involved your family in the planning process and do they openly share their hopes for the future?
  • Does your plan include provisions for an ownership transition, financial security, leadership development, and the estate tax?
  • Is your plan flexible and will it adapt to changes in the economy, regulations, consumer tastes, family dynamics, and tax law?
  • And most importantly, are you and your next generation leaders participating in a plan for professional development, and does it include components for formal education, work experience, mentor relationship, and other growth activities?

Multigenerational success is difficult and rare; success favors the quick…

Leadership for Growth is a quick self-assessment to rate owner, family and operational attitudes regarding leadership in the succession planning process. Learn some of the key leadership concerns about ownership, family and operations in the succession planning process. Exemplify good leadership by taking action and following-through. (eLegacyConnect tool available for public access - with no login required - through September 15, 2015.) 

Photo courtesy of Heidi Anderson at Legacy Livestock Imaging.

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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