THE PEOPLE SIDE OF SUCCESSION PLANNING

moins d’une semaine

Three days

Day One  a.m.

The Current Farm

Describe the current farm?

Who are the stakeholders?

Who are the key stakeholders?

What is this plan attempting to achieve for the key stakeholders?

What are the retiree’s future plans?

What will this farm look like in five years?

What are the long-term farm objectives?

What are the needs, wants and desires of the non-farming children?

Day One p.m.

Communication and Conflict Resolution

Targets of Blame.

Family disputes.

Succession planning often if not always requires choices. Leaving a legacy is about those choices. While agreement is possible, unanimous agreement is rare. With all family members and associates having different skills and abilities, needs, wants and desires, taking time to understand conflict resolution and a variety of techniques with respect to being pro-active and communicating plans effectively is the subject of the p.m. session. Is equal always fair and is fair always equal?

Day Two a.m.

Business Structures

Business Agreements and how they fit.

This will be a session on a variety of business structures and overview each of them. One corporation, two joint ventures, three partnerships, living wills, powers of attorney and wills. This is not meant to be a legal interpretation but a general background on a variety of business structures and the consequences from a management, accounting and a realistic perspective so that when the succession plan is developed the terms are somewhat familiar. This session will discuss these terms so they are not foreign when executing the plan with your lawyer or accountant.

Day Two p.m.

The Retiring Person’s plan

The focus on this session will be the person retiring. Things like

when, where, and how plan for the retiring couple. Can they fund their retirement?

What are the tax consequences for this retirement plan? Does the plan include an annual cash-flow for the retirees including such things as food, shelter, utilities, medical, travel, taxes, etc.?  Do you have the right to change your mind?

Day Three A.m.

The Present Farm plan

The focus on this session will be what will the farm be.

The financial picture.

Can the farm survive and prosper?

What about the management, the control and the labor plans for the farm?

Is this project affordable and fair?

Is this the best plan possible for you?

Day Three p.m.

Putting It All Together

What will the plan accomplish?

What is the process of executing this plan?

What specific assets will be transferred including land, machinery, livestock, quota, etc. and when? 

What is the implementation time schedule for each step?

Who is responsible for each step?

How will the key stakeholders provide communication to each other and to advisors?

Who will champion the communication process among key stakeholders and advisors? 

What can upset the plan?

What can be incorporated in the plan, to mitigate the risks?

Identity and list the things that may go wrong with this plan (death, disability, disillusionment, divorce, lack of farm viability, etc.). 

When will this plan be updated?

$2,400.00

This will be $800.00 per day per person work book to be provided. Meals shall be the responsibility of the student. This will be on site. Additional Costs for rooms and mileage and any other extras will be the responsibility of the student. Those will be agreed to prior to the start of the course. If Students choose this can be completed in 1/2 day segments but the course must be completed within two months. Minimum two maximum five pers course.

Farmers and Ranchers who want more information about the people side of succession planning along with the financial aspects of succession planning.

Certificat

Certificate of completion

Ateliers
En Classe
Sur les lieux ou à la ferme

Individual or small group sessions

Toute l'année

Available upon request

Bétail
Cultures
Fruits de champs et Légumes
Général

Planification du transfert de l’entreprise

Often times when succession planning is discussed, it is in terms of the cold hard facts and mathematical information. While that discussion is required, the people side of succession planning is neither examined nor only examined in a cursorily way. The consequences of not reviewing the people side of succession planning in many cases lasts for generations. The “I remember when” is handed down from father to son or mother to daughter and repeated for years. This course looks at both the financial issues and the people issues in a real and meaningful way. The objective of this course is to prepare a succession plan outline to take to your professionals for execution. This is your plan not the plan of your advisor that suits their view of what you should or should not be doing.

Anglais

306-757-1997
Robert Stocks