View a free recording about how to get started mentoring the next generation
…before time runs out!

To learn more see AGLEGACY.org

To learn more about mentoring the next generation and for ideas on where to begin see: AGLEGACY.org

 

#AGLEGACY #FarmSuccession #EstatePlanning

Selecting the right successor to take over management is an important component of the ­transition process . . .



THE SUCCESSION PROCESS should help gradually accomplish two, distinct goals:
1. Ready the farm’s next generation to take over farm management and ownership
2. Prepare the senior operators to transition to different on- or off-farm roles.

…to read more click here

Disinheritance generally refers to the practice of drafting a will in a manner that prevents another person from becoming an heir or distributee of an estate.


AG LEGACY can help…
Check the AG LEGACY Materials tab at AGLEGACY.org

AG LEGACY Materials can help understand what your options are. To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org

View a free recording about conflict, forgiveness and other important topics …before time runs out!

To learn more see AGLEGACY.org

FORGIVENESS is the conscious and deliberate decision to release resentment or anger. Forgiveness doesn’t necessarily mean reconciliation. Forgiveness is critically important for the mental health of anyone who has been harmed or victimized. It allows people to move forward, rather than holding them back to reexperience a past injustice or injury.

FOR ANSWERS:
to these questions and much more see our recent newsletter and online module: When Do You Transfer Management Skills for the Operation?

AG LEGACY can help…
Check the AG LEGACY Materials tab at AGLEGACY.org

* What are the goals of other family members involved?
* Have you conducted a skill inventory for everyone with an interest?
* What are the goals of the founding generation for their retirement? How will they be met?
* Are there options to allow the incoming generation to gain management experience through smaller projects? Learn from their success/failure?
* Has the incoming generation been introduced to other mentors in the industry? Your mentors or guides?

 

There can be many obstacles to passing on management of the family business.

WHILE THERE ARE many challenges involved in working towards more inclusion in the family business, there are also many benefits. ­Importantly, at some point the next generation will find itself in the position of making the decisions. The success of this transfer depends on the family and how well they plan for it. Inclusion of the next generation just might help the business to stay competitive as markets and economies continue to change around it.

…to read more click here

Owning Is Not the Same as Belonging

FAMILIES PASS DOWN deeds, titles, and equipment lists. That is the easy part. The harder part is passing down the sense that the place still belongs to each person who loves it. You can sign every paper at the lawyer’s office and still leave the family feeling lost. And when people on a farm or ranch do not feel like they matter, they pull away. They stop offering ideas. They stop showing up at the kitchen table. Some leave the operation. Some stay, but their heart is gone …

…to read more click here
 

Free, online, self-paced courses from AG LEGACY can help…

See: AGLEGACY.org > Learning

There may be times when the person designated as the one to take over is either unable, uninterested, or is actually a poor choice.

See: AGLEGACY.org > Modules

When a new manager takes over, or family members return to the farm or ranch, it can seem appropriate to add new enterprises or outputs. Some common mistakes when trying to increase revenues include lack of concern with cash flow and the productivity of capital. Many managers tend to seek new funds instead of making better use of those they already have.

We all feel slighted when we’re not given the respect we feel we deserve.

TO LEARN MORE see: AGLEGACY.org

WILLINGLY subjecting yourself to disrespect can cause plenty of problems, such as poor self esteem and create an anger-bomb. It is even more difficult when it is a family member sending you the negativity.
* We can choose to help diffuse a situation or make it worse. We can work to stay in control and help break the cycle.
* First, don’t personalize the negativity. While the other person may try to make it all about you, remember, it’s about them.
* Sometimes simply ignoring the comments can be an effective strategy. Avoid dropping to their level or engaging in their negativity.
* Other times you may need to engage a person who is acting disrespectful; you need a strategy to keep yourself from being sucked into the negativity. For help, see the AGLEGACY Newsletter “Does Disrespect Have A Place in Your Ag legacy?”