Why Healthy Farms Create Succession Plans
GALEN DODY
CLINTON, MO.
The key to a healthy farm operation is planning for the future through succession planning. Doing so will benefit not only you but your family as well. As you sit down to consider what you want for the future, take a look at four reasons why creating your plan is valuable.
First, you create financial security. There are many components to the financial success of your operation. By creating the succession plan early, you move towards making sure the financial details of your life are taken care of. This includes planning for retirement, examining life insurance options, and making certain your business is financially stable when you are no longer at the helm.
Second, you embrace clarity. What we mean by clarity is this: there are no questions remaining. You have made the decision (which you can later alter) and everyone knows that it is the direction of your operation. There are no questions as to what the plan is when you retire, making the transition easier on everyone.
Third, you build leadership. Your farm isn’t just a legacy, it is a business as well. In any business, it is important to develop your leaders. By creating a succession plan, you can focus on ways to encourage and build leadership in the upcoming generations. In doing so, they will have the opportunity to develop the skills needed to carry on the legacy once again.
Fourth, you look at the big picture. You have vison, focus, and goals for your operation, but in day-to-day management it is easy to get bogged down in the details. Creating a succession plan keeps the bigger picture in mind, with the details laid out and reexamined when needed. Look at this as your strategic plan!
There are many reasons to start creating your succession plan. Are you ready to get started? Contact us to consider your AgriLegacy today! ∆
GALEN DODY: AgriLegacy “Keeping the Farm in the Family” www.agrilegacy.com info@agrilegacy.com