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Succession Planning Assistance: Filling the Gap

James Hafner

Summary

Despite increasing attention and resources devoted to farm and ranch succession planning, most producers do not complete the succession planning process. They may go to an estate planning workshop or have one conversation with their spouse or accountant. In one transfer planning workshop follow-up survey, only 16% of attendees completed their plan. Succession planning is a complex and often fraught process. Providers must do more. Land For Good’s research and experience have led it to conclude that and targeted attention to the managerial components of planning along with sustained support will dramatically improve plan completion outcomes.

In this session, LFG will share its model of succession coaching to help farmers address the human resource risks associated with farm transitions. These include goal setting, family communications, management transfer, and recruiting and grooming a successor, among other aspects. The innovation is in the coaching model itself, which is delivered by coaches competent in these “soft” and managerial issues. As crucial, the coach assists the transitioning farmer to work through his or her succession plan checklist, providing ongoing contact and support for a year or more until the farmer has successfully completed the tasks. The presenter will dialogue about how service providers and educators can use this model as part of a team approach to helping farmers manage the risks associated with farm transitions.

Details

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