Planning for Succession is Too Hard Unless you know the 5 keys

first_imgSuccession is the watershed issue in agriculture today. For farmers and agribusiness owners, succession planning is top-of-mind. The USDA reminds us that, “70 percent of farmland will change hands in the next 20 years.” If a farm family has not adequately planned for succession, the farm is likely to:Go out of businessBe absorbed by a large farming neighborOr, be converted to non-farm use.”This crisis-in-the-making comes at a time when land prices are out-stripping a farmer’s ability grow the operation and fewer members of the family are involved in farming.Successfully transitioning the operation to the next generation is the ultimate harvest for a ranch or farm owner. Like everything else in agriculture, multigenerational success is the result of planting the right seeds, nurturing an appreciation for farming and then guiding the next generation through a defined transition process.But, the process is tough. Planning for a smooth ownership transition, preparing the next generation to lead, providing financial security and eliminating the estate tax is complex and confusing.If multigenerational success is your goal, the ASA Workshop, Five Keys to Effective Succession Planning,  is for you. Through the five keys, you’ll learn about the planning process, good communication strategies, and how to overcome the obstacles most farm families face. This highly interactive workshop includes good information and relevant tools. Together, we’ll put pen-to-paper and take initial steps on the path to creating a succession plan.Participants will learn the five keys to planning success, which include:Following a planning process/modelOvercoming the obstacles most families faceAgreeing on common goalsUtilizing good communication strategiesCommitting to the processUtilizing tips from this session will help ensure the farm remains in the family, and provides financial security and career opportunities for generations to come.Register online for a workshop.Kevin Spafford is founder of eLegacyConnect which provides succession solutions for farm families.  Members of the American Soybean Association receive a discount for full access to all that  has to offer.  CLICK HERE for details about the eLegacyConnect discounted subscription and other benefits of ASA membership. [email protected] 877.523.7411last_img

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