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

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

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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

* Do you know where to begin; how to start?
* Is a formal process better; what about an informal process? Which works best?
* Who should be involved; why?
* What are the components of a succession plan?
* Does strategic planning help move things along?
* What are the segments of a written plan?

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Helping agriculture nurture its legacy . . .
A legacy embraces the concept of management succession; passing management of the farm or ranch to the next generation.

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One reason we resist forgiving is that we don’t really understand what forgiveness is or how it works. We think we do, but we don’t.
* Forgiveness is not letting the offender off the hook.
* Forgiveness does not mean we must continue to be the victim.
* Forgiveness is not the same as reconciling. We can
forgive someone even if we cannot bring ourselves to get along with them again.
* Forgiveness is a process, not an event.
* Forgetting does not mean denying reality or ignoring
repeated offenses.
* Forgiveness is not based on others’ actions but on our attitude and state of mind.
* Withholding forgiveness is a refusal to let go of perceived power.
* Be careful not to forgive too quickly in order to avoid pain or, worse, to manipulate the situation.
* Watch that you are not simply covering up the wounds and holding back the necessary healing process.
* Forgiveness does not mean forgetting.
* Forgiveness starts with a mental decision. The emotional part of forgiveness is finally being able to let go of the resentment.

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View a free recording about conflict, forgiveness and other important topics …before time runs out!

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* Do you experience conflict in your family? In your family business interactions? Do you know of a family that does not?
* Conflict is a clash of interests, values, actions, views or directions. Conflicts can be defused and even resolved. Do you know how to begin?
* Forgiveness is the conscious and deliberate decision to release resentment or anger. Where a break in the lines of communication has already occurred, forgiveness may be the only path forward.
* Luckily, granting forgiveness is something we can learn to do and we get better at it with practice. Have you considered forgiving someone to allow your legacy to live on after you are gone?

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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 for where to begin at AGLEGACY.org

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