View a free recording about coping with anxiety and stress in your ag legacy and other important topics
…before time runs out!
TO LEARN MORE see: AGLEGACY.org
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All posts by hewlett@uwyo.edu
How do You Cope With Anxiety and Stress in Your Ag Legacy?
Farm and ranch families experience stress from a wide variety of factors, including: 1. operational stressors, 2. environmental influences, and 3. family stressors. Most factors are out of the families’ control, potentially adding even more stress. In addition, the lines are often blurred between family and business issues, making efforts to address them even more difficult.
Stress factors can and often do affect everyone involved in the family farm or ranch business, even if they are not directly involved in day-to-day operations. A variety of coping mechanisms can be employed to help address or mitigate the effects of these factors.
…to read more click here
How Do You Plan For The Cost of Succession?
In order to retire financially secure, you must have a plan. But what should it include and how do you put it together? Are there other details you should be worrying about; which ones?
Retirement Plan
It is vital to lay-out the steps needed to move the present managers from day-to-day management of the farm or ranch to full time retirement.
Financial Plan
The power of choice can control incomes of all sizes. Setting financial goals gives a person that power. Determining the sources and amount of cash flows is the first step to matching cash inflows to cash outflows.
Documenting Your Financial Assets
You may want to designate someone to handle your financial affairs, including paying monthly bills, when you are no longer able to do so for yourself. In order for someone to take over management of your financial accounts when you die, he or she will need a list of all your assets and liabilities.
Contingency Plans
Every succession plan should include contingency plans. Under this heading things like disability insurance, life insurance, employee training, back-up support, how-to manuals, and communication with family, employees, and key stakeholders should be considered.
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How Do You Plan For The Cost of Succession?
View a free recording on getting started planning for the cost of succession at AGLEGACY.org
#AGLEGACY.org #FarmSuccession #EstatePlanning
Planning For The Cost of Succession?
* Are you looking forward to retirement with anticipation?
* Have you estimated your financial requirements in retirement?
* Do you have a financial plan showing how retirement will be financed?
* Have you developed an agreement for retiring manager(s) and successor(s) about the extent of involvement?
* Is there an agreement about where family members will live?
* Are there ideas about what activities will absorb the retiring generation’s creative energies?
* Have you documented your financial assets; your liabilities; personal property?
* Have you considered what will happen if something goes wrong? Do you have a contingency plan?
FOR ANSWERS:
to these questions and much more see our recent newsletter and online module covering: How Do You Plan For The Cost of Succession? at AGLEGACY.org
#AGLEGACY.org #FarmSuccession #EstatePlanning
When Do You Need a Counselor?
No one should say that it is a sign of weakness to seek help. In fact, the opposite is true. It takes incredible strength. To disregard or overcome the pride that blocks you from reaching out is a tremendous act of will. It may take all the willpower you can summon!
AG LEGACY can help…
Check the AG LEGACY Materials tab for where to begin at AGLEGACY.org
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When Do You Transfer Management Skills to the Next Generation?
View a free recording on getting started transferring your management skills to the next generation at AGLEGACY.org
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When Do You Transfer Management Skills to the Next Generation?
Questions about when:
What are everyone’s goals for the future of the operation?
What skills do the founding generation currently bring?
What new skills can the incoming generation contribute?
What skill-gaps might be filled through additional training or how might new skills be obtained?
Who is the best fit to take over management?
What roles are members of the incoming generation best suited to take over?
What roles might other family members take-on?
What is the retirement plan for the founding generation?
A little at a time:
The best strategy for transferring management information to the incoming generation is likely to be working on it a little over a period of time. After all, the management skills the founding generation is operating with was not gathered-up all at once.
Next steps:
Look to transition the next generation into positions of greater responsibility as they gain the necessary skills. Remember, we are trying to convey the ability to make sound business decisions. By following a more formal process, we hope to increase the chances of success.
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When to Transfer Management Skills?
* What are the goals of other family members involved?
* Have you conducted a skill inventory for everyone with an interest?
* What are the goals of the founding generation for their retirement? How will they be met?
* Are there options to allow the incoming generation to gain management experience through smaller projects? Learn from their success/failure?
* Has the incoming generation been introduced to other mentors in the industry? Your mentors or guides?
FOR ANSWERS:
to these questions and much more see our recent newsletter and online module covering: When Do You Transfer Management Skills for the Operation? at AGLEGACY.org
#AGLEGACY.org #FarmSuccession #EstatePlanning
AG LEGACY
#AGLEGACY.org #FarmSuccession #EstatePlanning
Helping agriculture nurture its legacy . . .
A legacy is the summation of a lifetime of achievement and the context in which that lifetime will be remembered. A legacy is not just money but a reputation, what was accomplished, and the difference a person makes in the world as they pass through.
