Farm and Ranch Succession Planning: Concepts and 12 Steps to Succeed
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1 Farm and Ranch Succession Planning: Concepts and 12 Steps to Succeed Presented by Forrest A. Buhler Staff Attorney, KAMS For Conservation Conversations NRCS / Douglas County Conservation District November 10, 2015
2 KAMS Farm Family Transition Mediation Kansas Agricultural Mediation Services. Farm Family Transition Mediation Role of Mediators. Financial/Legal Resource Persons. Explanation of Process. Costs
3 Conservation A careful preservation and protection of something. Planned management of a natural resource to prevent exploitation, destruction, or neglect. Conversation An informal talk involving two people or a small group of people. The act of talking in an informal way. Merriam Webster Online Dictionary
4 Family Business Succession Statistics 30% of family businesses make it to the 2 nd generation 15% make it to the 3 rd Only 5% make it to the 4 th Why? 1) Lack of communication 2) Goal inconsistency 3) Unwillingness to sacrifice for the common goal 4) Lack of planning Dr. Brian Schurle, KSU Ag Econ
5 Estate Planning & Succession Planning ESTATE PLANNING is about how assets will be transferred to heirs SUCCESSION PLANNING involves discussing so much more: Estate planning Establishing the business plan and philosophy Management and workload rights Determining how the partners will work and communicate together Succession feasibility Dr. Gregg Hadley, Assistant Dir. KSRE & KSU Ag Econ
6 Succession Steps Succession Participants Perspective Concern Step Estate Plan 1 Financial Feasibility 2 Business Plan 3 Dealing with Emotional Roadblocks Learning how to Communicate 4 5
7 Succession Steps Succession Facilitators Perspective Concern Step Estate Plan 5 Financial Feasibility 4 Business Plan 3 Dealing with Emotional Roadblocks Learning how to Communicate 2 1
8 Transition Planning: 12 Steps to Keep the Family Farming KSRE and KSU Ag Econ publication MF-3074 Keep the Family Farming workshops, KSRE Farm Analyst Program- Duane Hund, Director
9 Grandma and Grandpa (The Past Generation) The Brothers and Sisters Kids (The Future) Mom and Dad (The Current Generation) The Brothers and Sisters Spouses Farming Brother and Sister (The Next Generation) Non-Farming Brother and Sister
10 Values Sacrifices Desire to maintain Legacy Core values
11 Communication Explore concerns Everyone Participates Facilitation
12 Vision & Mission are critical Guiding Philosophy Goals should be SMART: Specific, Measurable, Attainable, Rewarding, and Timed Deadlines must be met Conflict is common when partners have differing ideas Vision leads to the mission forming objectives for our goals
13 People positions Successor may have different strengths Communicating desires and skills of the successor Hired Help
14 Retiring generation hates mistakes Hard to let go of the reins Tuition Organizational Chart Now & in the Future
15 Is the business currently profitable? Is there room for another partner? Full Disclosure Risk management of potential Hazards The five D s: Death, Disability, Divorce, Disaster, Disease
16 Inventory resources, land, buildings Can a new business venture be created Retiring generation may have to retire to create room for succession Investments may be required to add income
17 Strengths Weaknesses Opportunities Threats When building a farm game plan analyze your opponent
18 Financial Statements Budgeting each enterprise Cash flow planning Finpack Financial Roadmap
19 Effectively communicates plan to lenders, partners and family Documents viability Demonstrates Purpose AgPlan
20 Estate planning a must Minimizing taxes Know what the Future Holds Security for all parties Minimizing Conflict between heirs on & off the Farm Entity Choices
21 Timeline Promises must be kept Respect for retiring generation Allow management to be passed on to next generation
22 Transitions will happen, one way or another. If accomplished with effective communication and formal business planning, the result can be an operation that is highly competitive and will enable another generation to come on board.
23 Planning for Farm and Ranch Succession Website created by: K-State Research and Extension, and Kansas Agricultural Mediation Services Conference Videos/ Presentations/ Documents: Succession Basics Communication and Family Dynamics Financial Business and Feasibility Planning Transfer of Power Legal Estate and Entity Planning
24 Succession Planning Facilitation Dr. Gregg Hadley Video
25 Farm and Ranch Succession Can Be A Lengthy Process
26 KAMS Succession Facilitation Services Role of the Facilitator Expert Advice Confidentiality Charges for the Facilitator s Services Additional Services Farm Financial Analysis Mediation Services Extension Specialists
27 Forrest A. Buhler KAMS Staff Attorney 2A Edwards Hall Kansas State University Manhattan, KS Website:
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