* 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

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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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View a free recording on getting started transferring your management skills to the next generation at AGLEGACY.org

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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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* 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

#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.

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AG LEGACY Materials can help…

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.

#AGLEGACY.org #FarmSuccession #EstatePlanning

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?

#AGLEGACY.org #FarmSuccession #EstatePlanning