By: Kevin Spafford, Legacy Project
1. Not sharing your succession intentions with other family members and loyal employees. The future
depends on you. It rests in the decisions you make and the actions you
take. Whether it comes up in conversation or not, people want to know
about your plans for the farm's future. They want to know what you've
done—how you've ensured continuation of the operation, when you'll begin
grooming the next generation for leadership and if you've considered
each family's needs related to financial security.
2. Not committing your succession plan to print. If
it's not written, it doesn't exist. Writing makes it real. It forces
you to make decisions, draw lines and commit to specific actions.
Without a written plan, anything goes. Every person has a dream, but
converting that dream to written goals and then supporting those goals
with action will make your dreams a reality. Whether you write it or
someone else does, it becomes yours the moment you say, "I will."
3. Not handling the tough matters and making the emotional decisions. Assuming
they'll work it out after you're gone leaves a trail of discontent and
destruction. No matter how good the operation is today, it won't last if
you don't establish a plan for the operation to continue. Make good
decisions for the business. Take definitive action and ensure the
continuing success of your operation. A complete plan will include
provisions for an ownership transition, financial security, leadership
development and the estate tax provisions.
Everywhere
I turn today, there are articles, seminars and advisors eager to help
you create a succession plan. The support you find covers a range from
excellent advice to unsavory sales tactics. Regardless of the quality of
the service, it's available in plentiful quantities. Over the past
several years, we've brought you all the information you need, as well
as case studies to prove our methods and tools to start you on the right
path.
The
other day, I came across a KansasCity.com article titled, "Tax, estate
planning crucial for keeping, passing on farmland." It covers the
essence of a message we continue to reinforce at every turn. Dave
Goeller, deputy director of the North Central Risk Management Education
Center at the University of Nebraska-Lincoln, reinforces my sentiments,
saying, "...good estate planning for farmers and ranchers is more than
tax management. Good plans need to resolve legal issues, financial ones
and the emotional ones of the participants, too."
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