View a free recording on starting to plan for the succession of your family business…before it’s too late. See our free recording discussing how to get started on your succession plan at AGLEGACY.org.

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HINDRANCES: Emotional attachment to land; No plans to retire; Ranching/Farming lifestyle; No retirement income
PERSPECTIVES: Proprietors; Conductors; Technicians
THE NEXT GENERATION: Sons / Daughters; In-Laws; Multi-family business; Non-family members
OTHER REASONS: Business issues and Succession planning issues

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Are there control issues, fears of giving something up, or an inability to choose?

Are there emotional attachments, no plans for retirement, or farming lifestyle issues?

Does the founding generation have a proprietor, conductor, or technician perspective on the business?

What are the relationships of the next generation with the founders? Are they sons, daughters, in-laws, or non-family members?

Are there other business issues or succession planning issues that must be addressed to allow the planning process to proceed?

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AG LEGACY Materials can help…
To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org

ADDRESSING FAMILY STRESS:
Culture of open communication
Allow sharing of ideas openly
Everyone wants to feel their opinions are heard and matter
Family meetings
Family business meetings

OTHER COPING SKILLS:
Making decisions democratically
Planning ahead for stressors
Reduce blame
More emphasis on “quality family time”

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The Why Build Relationships module covers challenges to managing relationships between generations in any family. See our recording outlining the how to build your relationships with next generation at AGLEGACY.org.

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* Who will take over as this generation continues to age?
* How we can build relationships between generations now?
* What makes farm and ranch families unique?
* What are the sources of stress among and between generations?
* How do we counter-act the stresses of modern life?
* What can we do to reduce the blaming in our communications?

FOR ANSWERS:
See our recent newsletter and online module materials covering: Why Grow Relationships with the Next Generation?

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AG LEGACY Materials can help…
To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org

#AGLEGACY.org #FarmSuccession #EstatePlanning

Most farmers and ranchers realize that a solid estate plan involves outside professionals. However, those professionals typically do not address day-to-day business management nor preparing the next generation to take over when the time comes.

Where Do We Begin?
One way to begin the process of transitioning is to start with three, basic questions, including: “Where are we?”, “Where do we want to go?”, and “How do we get there from here?”

Formalized Succession Plan
Following a formalized plan can help ensure that critical steps are not overlooked.

Succession Plan Components
The seven components of a complete plan include: 1. Executive Summary, 2. Business Overview, 3. Strategic Plan, 4. Retirement Plan, 5. Succession Planning Process, 6. Financial Plan, and 7. Contingency Plan.

Strategic Plan
A solid strategic plan will address: 1. Values, 2. Vision Statement, 3. Mission statement, 4. SWOB analysis, 5. Strategic goals, 6. Implementation plan, and 7. Monitoring plan.

Written Plan Segments
The written plan can be broken into seven components: 1. Establish a timeline, 2. Establish a planning team, 3. Select the appropriate successor(s), 4. Develop a written plan, 5. Communicate the plan, 6. Plan for retirement, and 7. Enjoy the years ahead.

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What is Your Management Succession Plan?
View a free recording on developing a succession plan at AGLEGACY.org

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