September 12, 2015

The Farm Whisperer

A local Nebraska businessman, speaker and University of Nebraska Coordinator of Family Business Programs and lecturer has recently published a book on family farm succession planning.

Dave Specht is an internationally recognized expert in family business management and his new book, The Farm Whisperer, encourages the reader to discover the key pitfalls that families face with generational farm transitions and offers strategies to help you in your own succession process. The Farm Whisperer is an actionable guide to help begin discussions and get your family started on this important journey. While The Farm Whisperer offers no silver bullet guarantees, it does provide questions, processes and a framework to get started on being intentional about, "Preserving Your Family and Perpetuating Your Farm.".

Spect is the founder of Advising Generations LLC, a strategy consulting firm for family-owned businesses. His work was recently featured in The New York Times, Successful Farming Magazine, Drovers Cattle Network and Family Business Magazine. He has gained international attention for his creation of the GenerationalBusiness360© process and a new mobile app called Inspired Questions-For Farmers.

He also offers five reasons farm transition planning in “optional”.

5 Reasons Farm Transition Planning Is Optional

  1. If you don't mind the default plan that the government has already created for you, don't bother with the planning process.
  2. You have confidence that your children will work it out and their relationships won't suffer because of your lack of guidance.
  3. You don't really care if the farm stays in the family or if it gets sold to your neighbor.
  4. If your relationship with your lender is so good that you are 100% confident they will continue lending to the next generation.
  5. If you are willing to have your kids sell the farm should you or your spouse need medical or long-term care.

If any of these five reasons make you uncomfortable, you should take an intentional approach to the planning process. The Farm Whisperer may be just the start that you need to get your family on the road to generational continuity.

Don't leave your farm and family legacy to chance. Thanks to Dave for offering a great resource to farmers about issues that are becoming ever more important.

No comments:

Post a Comment