View a free recording about Possessions of Emotional Value and other important topics
…before time runs out!
TO LEARN MORE about possessions of emotional value see: AGLEGACY.org
#AGLEGACY.org #FarmSuccession #EstatePlanning
All posts by hewlett@uwyo.edu
Western Farm and Ranch Transition Strategies
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Western Farm and Ranch Transition Strategies contains a series of 10 short stories describing farm and ranch families struggling with the challenges of transitioning management responsibilities to the next generation. Learn their secrets and improve your chances of success.
Check the AG LEGACY Materials tab at AGLEGACY.org
What are Possessions of Emotional Value?
* Do you own titled property? Untitled property? Do you plan to pass that property to the next generation?
* Have you considered making a list of personal items and explaining why they are special to you as a gift to the next generation?
* Most elders have the goal of being fair in their distribution of property to the next generation. Have you considered whether equal or equitable best fits your sense of what is fair?
* Have you considered the method you might use to distribute property to the next generation: formal methods or informal, gifting, sales, donations, or other possibilities? Have you shared that with the next generation?
For Answers to these questions and much more see our recent newsletter and online module materials covering: the 2nd most important component of a legacy: Possessions of Emotional Value – Equal or Equitable?
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Management Succession Workbook
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The Management Succession Workbook provides worksheets, checklists and readings ranch & farm families can use to plan for and document their succession issues, a companion to the free online Management Succession 3-course series.
To learn more about AG LEGACY materials and for ideas on where to begin see: AGLEGACY.org
Where Are We with Our Management Succession Plan?
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The future success of a family business depends on the ability of the family to transfer management to the next generation, but only 1/3 of family businesses successfully transition. How will you make sure your farm or ranch successfully passes to the next generation?
Lasting Legacy Workbook
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The Lasting Legacy Workbook provides worksheets, checklists and readings that families can use to plan for and document their own legacy issues, a companion to the free online Lasting Legacy 2-course series.
AG LEGACY can help…
Check the AG LEGACY Materials tab at AGLEGACY.org
Where Are We?
#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
Finding Your Team of Experts
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Ranch and farm families should have their own experts—a team of experts—made up of individuals, organizations, and businesses that possess important skills or information to help agricultural producers at needed times.
Why have a team of experts? A well-chosen and helpful team may make an agricultural producer more successful and is another way of dealing with stress.
AG LEGACY can help…
Check the AG LEGACY Materials tab at AGLEGACY.org
Where Are We with Management Succession?
#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
Farm and Ranch Family Stress and Depression: A Checklist and Guide for Making Referrals
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The last few years have been difficult for farm and ranch families. Many are experiencing financial and emotional stress as a result. There are several signs or symptoms when a farm family may be in need of help. These are signs that can be observed by friends, extended family members, neighbors, milk haulers, veterinarians, clergy persons, school personnel, or health and human services workers.
When family members, friends or neighbors are exhibiting signs of stress and depression, it is important they be connected with help as soon as possible. All cries for help should be taken seriously.
AG LEGACY can help…
Check the AG LEGACY Materials tab at AGLEGACY.org
