All posts by hewlett@uwyo.edu

Where Are We?

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#AGLEGACY.org #FarmSuccession #EstatePlanning

View a free recording about management succession plans and other important topics
…before time runs out!

TO LEARN MORE about succession in your family business and how to discover where you are in the process and for ideas on where to begin see: AGLEGACY.org

Estate Planning Checklist

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#AGLEGACY.org #FarmSuccession #EstatePlanning

Estate Planning Checklist: Information to Assemble Before Consulting Your Attorney. Do you know what what you should have, where to find it, or how to organize the information? AG LEGACY Materials can help understand how to get started.

AG LEGACY Materials can help understand what your options are. To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org

Where Are We with Management Succession?

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#AGLEGACY.org #FarmSuccession #EstatePlanning

Passing a business from one generation to the next involves transferring both ownership and management of the business from one individual to another. Transferring ownership of the family business assets can be fraught with emotional land mines and the possibility of damaged relationships.

The seven-step Succession Planning Process defines not only how to begin, but also important actions to take throughout the entire transition. Steps include: Establish a Timeline, Establish a Planning Team, Select a Successor, Develop a Written Plan, Communicate the Plan, Plan for Retirement, and Enjoy the Future.

TO LEARN MORE about management succession planning see: AGLEGACY.org

Honoring Values and Life Lessons

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#AGLEGACY.org #FarmSuccession #EstatePlanning

Are you struggling to define your own legacy? Is your family wondering where to begin the process of succession of the family farm or ranch? Are you struggling to convey the values and lessons learned in a life spent working on the family operation?

Begin by defining your own Ag Legacy!
Define your own values and life lessons by identifying family traditions, family history, and the beliefs that contribute to your core values. These will guide your decisions day to day. You can then begin the process of preserving and passing on your legacy. We all want to be remembered. By leaving a legacy, the values and life lessons from the past will be passed on and can act as a guide for future generations.

Values and Life Lessons

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Image: Ag Legacy media post
#AGLEGACY.org #FarmSuccession #EstatePlanning

View a free recording about values and life lessons and other important topics
…before time runs out!

TO LEARN MORE To learn more
about values and life lessons, what really matters most, and for ideas on where to begin see: AGLEGACY.org

The Most Important Component of a Legacy

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#AGLEGACY.org #FarmSuccession #EstatePlanning

Values and life lessons has been identified as the most important component of a complete legacy. This is made up of 3 separate components, including Family Traditions, Family History and Beliefs.

Family traditions consist of religious, cultural and as well as family traditions handed down through generations. Traditions can help families improve communication, learn to value time spent together and celebrate each other’s achievements. All of which can help families get through tough times and changes.

Family histories may not include anyone famous, or infamous. However, they are of great value to the family, no matter what the tale. Many great stories can be found or shared that can bring a family’s history to life. Look for ways to preserve your own and your family’s history through books, audio or video recordings, etc.

Beliefs: A person’s beliefs are very important because those beliefs define the limit of that person’s experience. A person’s belief system is the set of precepts by which they live daily life and that govern their thoughts, words, and actions.

Taken together these create a person’s legacy. When a family identifies these for each other and themselves, they begin to define their own legacy. This legacy can live on and serve as inspiration and guidance for future generations.