Who Are Your Long Term Farm Succession Planning Partners?
Every successful farmer knows there is a huge threat facing them
. Some pretend that they will be immune to it or they try to shift the responsibility for doing something about it to virtually everyone else.
You know the threat I'm talking about, it is the result of not planning today for the tomorrow you and your family want to have. That's why you're here isn't it?
We wrote Passing Down The Farm all those years ago to get the subject out in the open, to put the responsibility for your success where it belongs, in your lap. When we put together the new farm succession toolkit, with a step by step by step map to get you from where you are now to where you want the family and the farm to be in the future, we did it for you and your life insurance agent.
Hundreds and hundreds of you have told us that their farm insurance agent was the only adviser they have who was of genuine non-biased non ego centered help in this process, You also know, whether you will admit it or not, that you will be held responsible for the success or failure of that long term planning, so it makes sense that you do something about it. Stop waiting until the time is right or whatever excuse you're using to keep from taking action.
You know from experience, watching what has happened to your neighbors and association members, that there is a direct correlation between long term succession planning and the likelihood of your family retaining the success everyone has sacrificed to achieve. Does it make sense to spend your life building a successful enterprise but fail to invest a few hours and a few dollars in planning its orderly continuation when you leave. And you will be leaving won't you, one way or another sooner or later, make no mistake about it.
You may be thinking that getting started with your farm's succession planning isn't urgent. Surly it can wait for a week, or a month, or maybe another year, can't it? Don't you take it for granted that you'll still be in control then. You know that it is not unusual to hear about a farmer your age or younger who died unexpectedly.
Every month when you receive your association's journal don't you see the name of someone who has died that causes you to remember how young they were and how great they looked and in such obvious good health. And don't even think about your high school class. Every year more people are on the deceased list than the last time you looked and they are your age, people just like you.
Your farm insurance agent can tell you about statistics, even though we all say they don't mean anything unless you're one of the unlucky ones, but you should ask them anyway. Based on your age, what are the chances that you will die before retirement? How likely is it that you will be disabled during that time?" And if you have partners, what does that do to the odds?
Only when you know the risks you face can you really determine whether your farm can survive if you don't. When you do not plan and take the actions required of any prudent business owner, you lose control to the fates. Then if you or one or more of your partners is forced out due to death or disability there could be a very real crisis for personal let alone business survival.
When it comes to finding the right person to help you through the farm succession process, from the earliest stage through to completion, your farm insurance agents are uniquely qualified. Their specialty is helping you consider the human and business implications that effect you. Their solutions can be tailored to work hand in glove with the advice of your other professional advisers to fit your needs.
Think about it, hasn't your farm insurance agent already spent countless hours talking with you and your family members about the importance of looking down the road 5, 10, 15, or more years into the future? Their role is to make clear the importance of acting now to protect what's already been created. The biggest mistake you can make is not listening to them, and continuing to treat the need for farm succession planning lightly.
by: Wayne Messick
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