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Comprehensive and Coordinated, Part 1

A comprehensive succession plan is comprised of four separate, yet interrelated building blocks---Financial Security, Ownership Transition, Leadership Structure, and the Estate Plan. Due to their situation, it was very important to start with an analysis of John and Sara’s financial security. Logic dictates that until someone is reasonably comfortable with their financial situation, and the means of support for the rest of their lives, they won’t be willing to make the decisions and take the actions necessary for succession.

Challenging, yes. Life changing, absolutely!

Like many things, planning for succession depends on the relationship among the family and your advisors, on planning methods and thoroughness of the process, on the information provided and the recommendations made, on the complexity of the case and the attitude of the decision-makers, on plan implementation and lasting results.

Rules of Engagement

As a clear and concise document, the family employment policy should spell out, in specific terms, the conditions in which a member of the family may seek an employment opportunity. Absent a written policy, parents may be held to unreasonable expectations when it comes to employing their kids and other relations in the farming operation.