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Articles about farm succession planning (0-15 of 15)
- Farm Estate Taxes And The New Red Pickup
By: Wayne Messick | - Recently I ran into an old client sitting proudly in his new red pickup. He was from the old days when I was pretty new at helping farmers redesign their businesses for the future. I had not seen him for years.
He is a little older than me still hanging around the farm, although he has pretty much turned things over to his daughter and son-in-law,
His sixteen year old grandson sat proudly beside him, amazingly it was his grandson who was behind the wheel. I couldn' ...
Tags: farm estate taxes, estate taxes, estate planning
- Farm Succession Planning - Schedule Regular Meetings To Review Your Progress
By: Wayne Messick | - The farm succession planning process, and it is indeed a process, generally begins when someone has convinced a member of the family to have that first family meeting. The idea, at least in the minds of a few is that this meeting will set in motion, like a snowball rolling down hill, the succession planning process with enough momentum to sweep aside any detractors.
The sad truth is that so much effort went into getting people in the same room at the same time that first time, it ...
Tags: succession planning, farm succession
- Farm Succession Plans Almost Always Fail
By: Wayne Messick | - During my career I have found that most succession plans fail. The plan itself might or might not have achieved the family's objectives for farm succession and transition to the next generation, but it ran out of gas before it was ever completed.
It ran out of gas because there was no one in charge - no one without an axe to grind that is, who was willing to ask the hard questions and push for the answers - so the plans could actually be created and implemented based on good infor ...
Tags: farm succession planning, farm succession, planning for succession, succession and planning
- Farm Succession When You Get A Round Tuit
By: Wayne Messick | - For a farm succession plan to succeed there must be a timetable for specific actions to take place. Everyone involved must be able to see when certain benchmarks are reached. If there is no agreement on when certain elements of the process will be put in place - why should they believe you are really serious about farm succession planning this time either?
Remember the first time you told someone that you'd do something, like clean the shed or wash the pickup, when you get around ...
Tags: farm succession planning, farm succession, planning for succession, succession and planning
- Farm Succession And Planning Key - Write Everything Down
By: Wayne Messick | - Farm succession and planning is such a never-ending process that what was said during your first conversation with your spouse or another family member can take place weeks even months before you share what was discussed with your advisers.
If you don't write down what is said, in an order that makes accurate recall possible, your communications will be like those described by Lewis Carroll, "I know you believe you understand what you think I said, but I am not sure you realize th ...
Tags: farm succession planning, farm succession, planning for succession, succession and planning
- Farm Succession Typically Requires You To Rethink Your Farm's Organizational Structure
By: Wayne Messick | - When it comes to farm succession planning, aka passing down the farm or farm estate planning, there are seven keys - the most important of which is this. The farm's owners must be willing to redesign the farm business if they expect farm succession success. Ok, each of the other six keys are the most important ones too. That's because they all depend upon and build on one another.
Planning for succession does not have to be difficult if everyone is willing to communicate early and ...
Tags: farm succession planning, farm succession, planning for succession, succession and planning
- Farm Succession Planning Is Passing Down The Farm, Right?
By: Wayne Messick | - Some of you got it right, passing down the farm is farm succession from the current generation of owners to the next, the folks who are going to be owning and running the farm in the 21st. Century. However, we found out the hard way that we are the only one's using the expression passing down the farm when we are talking about the process and strategies of management and ownership transition of the farm and business to the successor generation.
Almost nine years ago we registered ...
Tags: strategic planning, farm succession planning, farm succession, planning for succession, succession
- Farm Succession, Appoint A Planning Coordinator To Steer The Process
By: Wayne Messick | - When it comes to family business succession planning, or farm succession planning, since they are the same thing - nothing good happens by accident. And that includes the possibility of succession planning progress in the right direction.
Having a team of professional advisors in place to assist you with farm succession strategies they know work and will most likely be attractive to you is great - but it is not enough.
Acting like you are actually ready to cooperate ...
Tags: farm strategic planning, farm succession, farm succession planning, business succession planning
- When It Comes To Farm Succession Planning, You Must Be Willing To Ask For Help
By: Wayne Messick | - Passing down the farm is a many faceted equation, and because it is unlikely that you have already been through it recently, it will require you to ask for help from those likely to know more than you. It includes elements of strategic planning, farm succession planning, and farm estate planning. Are you willing to set your ego aside and ask for help or not?
Farmers need to look at what's working and what's not in order to better understand which past, present, and future actions ...
Tags: farm strategic planning, farm succession, farm succession planning, farm estate planning
- Farm Succession Involves Setting Critically Important Goals
By: Wayne Messick | - If there is one reason why farm succession planning should start sooner rather than later it's because the decisions made early on can have a dramatic impact on everyone involved.
One effect is psychic, it makes us all feel better, more assured, and confident when we know as much as possible about what's in store for us. The other reason is financial, remember the concept of compound interest and the "rule of 72" - well they come into play in a big way when you're considering how ...
Tags: farm strategic planning, farm succession, farm succession planning, farm estate planning
- Farm Succession Is A Process Not An Event
By: Wayne Messick | - That's right, farm succession is not an event, like going to the Dentist's office - something you probably do only when you have a tooth ache that has beaten out your usual remedies. Farm succession should be more of a life style. It should start early, is adjusted often, and be constantly in focus.
Needless to say farm succession is typically about developing leaders and managers from within your immediate family to own and run the farm in the future. That may not be your situati ...
Tags: farm strategic planning, farm succession, farm succession planning
- Are Farm Succession And Strategic Planning The Same Thing?
By: Wayne Messick | - In my opinion, yes. Farm succession planning encompasses all those things you do to insure that the farm will live on successfully in the next generation - whether that is next year or twenty years from now. Strategic planning is a blueprint to follow - the measured steps you take along the way, plans which when they unfold will allow the pieces of the long term puzzle to fall into place effectively.
So if the farm owner wants the farm to succeed beyond his or her lifetime and kno ...
Tags: strategic planning for business, farm succession planning
- What Is The Key To Family Business Management Succession Planning?
By: Wayne Messick | - When it comes to family business management succession planning, and farm succession planning for that matter, there are lots of "keys" - virtually all of then claim to be the most important one. The truth is that there really is only one most important key to succession planning and it is not what you are probably thinking.
Some may say it is getting good advice, or taking advantage of planning strategies, or figuring out what others are doing successfully, or slipping through so ...
Tags: succession planning, farm succession
- Farm Succession - The 7 Keys To Successfully Passing Down The Farm
By: Wayne Messick | - As a farmer, what do you think of when the term "farm succession" is mentioned? Or as it is usually referred to, passing down the farm? If you are the senior generation on the farm you no doubt consider it differently that your son, daughter, son-in-law, etc. And I know you think about it differently than your spouse.
One thing is likely to be true of everyone - you see it as an event, like buying a car of something, rather that the process it really is. A process that should hav ...
Tags: farm succession, farm succession planning, passing down the farm
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