Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Managing for Tomorrow Succession Planning.

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Presentation transcript:

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Managing for Tomorrow Succession Planning Session One

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Is there a “future” for the business? Does the next generation want it? – Goals – Communication Can we get along? – Goals – Communication Managing for Tomorrow

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Transition Plan Road Map Withdrawal Beginning EstablishedCommitmentTesting End Transfer Stages Transfer Process Child Parent Divide Income Transfer Management Transfer Ownership

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Managing for Tomorrow Course Overview – Transition Planning Tools Goals – Differentiate between your goals to transition a farm or ranch business or simply transfer assets

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women What is transition planning? Transition planning is the process by which the ownership and the management of the family business are transferred to the next generation. Managing for Tomorrow

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Managing for Tomorrow Succession Planning Estate Planning Retirement Planning Business Planning

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women A question on the mind of many farm families……… Do I want to pass my family business on to my heirs as an ongoing business or do I want to pass it on as a group of assets? Managing for Tomorrow

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Eight Questions to Ask about Your Future…….. What do we desire to happen to our business? Is there a “future” for the business? How do we develop the next generation of managers? How can each generation communicate their needs, desires and aspirations?

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Eight Questions to Ask about Your Future……. Are plans being made for retirement? What are our plans for the unexpected? How can I treat my heirs fairly? What is the best way to transfer my farm and personal assets?

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Determining Business Direction Assessment of skills of people involved Available assets and resources Family values; personal, family and business goals; and business mission provide business direction

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Determining Business Direction

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Why don’t farm families plan better for the transition of their business to the next generation? I’m too busy now! Nobody can replace me! I’ll live forever! Who’s job is it?

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Smart Goals

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women SMART Goals S M A R T Specific Measurable Attainable Realistic Timely

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Communication

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Communication Understand family communication Understand barriers to effective communications Improving family communications What would you do

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Why don’t farm families communicate better when planning for the transition of their business to the next generation?

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Barriers to Communication Not an easy topic to discuss

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women A case of simple role separation Role separation Farm life overlap Not an easy topic to discuss Noise and Stress

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women MessageEffect Communication Channel Encodes Decodes SENDER Decodes Encodes RECEIVER Feedback Message Noise

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women A case of simple role separation Role separation Farm life overlap Not an easy topic to discuss Noise and Stress Off-farm heirs and on-farm heirs Generational differences

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women AgeYearTitles to 1945 Veterans (silent, traditionalists, hard workers, formal communication style, deliberate, no news is good news ) to 1964 Baby Boomers (workaholics, face-to-face communication, diplomatic, need to feel valued ) 31 – to 1980 Generation Xers (e ntrepreneurs, work life balance, direct & immediate communication-blunt ) to Present Nexters (millennials, e ntrepreneurs, multitasking, work life balance, communicate through technology ) Generational Definitions

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women A case of simple role separation Role separation Farm life overlap Not an easy topic to discuss Noise and Stress Off-farm heirs and on-farm heirs Generational differences Personality differences

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Personality affects…. Communication style Listening style How individuals deal with communication barriers Working as a part of a team What is important to an individual

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women A case of simple role separation Role separation Farm life overlap Not an easy topic to discuss Noise and Stress Off-farm heirs and on-farm heirs Generational differences Personality differences Gender differences

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Communication gone bad Transition planning is a process in which the entire family should have a role Is there trust and open communications?

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women PatrickPennyPerry Pam Say NO to Secrecy! Perry,Jr Pete Paul

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women How can we improve family business communication?