New Farm Succession System Reveals Why Most Farm Succession Plans Fail

Added: (Wed Sep 23 2009)

Pressbox (Press Release) - New Farm Succession System Reveals Why Most Farm Succession Plans Fail

Farm succession and estate plans routinely fail to achieve the farmer's objectives for one or more of the following reasons. The farmer's goals are never thoroughly discussed with the family, the documents are never completed because the farmer never gets the required information to their estate attorney, or the completed documents are never signed.


Farm succession expert Wayne Messick, publisher of a new farm succession and estate planning system comments, "Based on my three decades helping farmers design the future of their operation, one reason trumps all the others causing the farm succession and estate planning process to fail. It comes from not putting someone in charge of the process."

Putting someone in charge seems simple enough, but who's the right perso?. From Messick's experience it should be someone with no axe to grind, no previous advice to protect, no financial stake in the decisions being made, and someone who does not bill by the hour - as this process can take a while.

"Our research shows that in many instances the best person available to coordinate the planning, act as a liaison between the members of the family and their advisors, is a member of the successor generation. They do have a vested interest but it most closely parallels that of the farm's owners," explains Dawn Manning, editor and principal at Family Business Strategies. "In the last decade we have also seen the role of the planning coordinator successfully filled by experienced business and executive coaches."

Most business advice - books, articles, seminars, etc. provide cookbook solutions without any knowledge of the individual farmer's unique situation. Or they are presented using examples of big companies they've worked for (or heard about) believing that farmers's will be fooled into believing their pedigree is enhanced by their experience with these big budget outfits.

Or they imply that the only way to receive the maximum benefit from their advice is to hire them.

Messick and his team concluded that what farmers and the professionals who serve them really want is simply help. Help creating an atmosphere where constructive discussions will lead to productive planning. Help with the right questions and insights on how to process the answers.

To be the greatest help to the most people the 21st century farm succession and estate planning system is delivered via sequential emails over several weeks. The owner of the system can quickly and easily forward them to the rest of the family and their advisors. That's the first step, getting everybody on the same page.
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Family Business Strategies is a two decades old consultancy and Internet published focused on the needs of farmers and family business owners. Charles Wallace can be contacted using the contact form on http://www.passingdownthefarm.com

About Family Business Strategies
Family Business Strategies is a leading resource for small to mid-sized privately held and family owned companies wishing to leverage their current success to the next generation and beyond.
81 Pondfield Rd, Suite 237
New York, NY 10708
Phone : 212-501-4912



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