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Comprehensive and Coordinated, Part 2

With the right combination of tools and techniques, John and Sara now have a secure retirement. They’ve sold the operation to the next generation, secured the land as a family legacy for their descendants, and substantially reduced their exposure to the estate tax. Succession planning and wealth management, they learned, are not just about money. The process is about helping people make good decisions and planning for the future.

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.

Identify Potential Successors and Begin Leadership Development

Successfully transitioning management responsibility is critical to any business. Without a prepared, competent successor ready to assume the role of top decision-maker, the owner’s retirement, death, or disability is very likely to cause the business to falter or even fail.

Far More Rewarding Than You Think

The more I visit with owners regarding succession issues, the more I realize people hesitate to enter the planning process, because it seems overwhelming.

Premium Content: Buy/Sell, Webinar Pt I

Did you miss Part I of our Buy/Sell webinar event?  eLegacyConnect members can view it online now (or any time), and have unlimited access to eLegacyConnect tools, expert advisors, and information.  Join this community of farmers in transition.  Plan now to secure your farm for future generations...