Farm4Profit Podcast Your Farm's Future; Transferring Wealth, Knowledge, and More!
Oct 19, 2020
56:51
Importance of Succession Planning – Protect Your Profits
- Introduction
- Like, rate, review, share
- Answer questions
- Farm4profitllc@gmail.com @farm4profitllc
- What’s working for Ag – Granular
- Follow the links below for 10% off up to $1000 when signing up for a DEMO with Granular.
Granular Insights
A Free Digital Tool to Get Started
- Know where your farm is excelling, and find areas for improvement.
- Quickly see the ROI of your seed decisions.
- Access yield, as- planted, soil, and financial maps side-by-side.
- Easily collaborate with advisors.
- Use data you’re already collecting.
Granular Business
Improve Profitability
- Make informed bottom-line decisions on your crops, fields, and inputs
- Get a real-time pulse on tasks, costs, and revenues
- Capture and analyze activity at field-level
- Don’t let your hard earned work get penalized when transferring to the next generation. We are ready for the golden ticket, the Holy Grail, the perfect plan…..but it’s just not that easy because no two operations are the same.
- Introduce Guest-------Jessman Smith
- Jessman is the Assistant Director of Advanced Solutions at Principal financial.
- He is a graduate of Drake University Law School with honors, and former wrestler at the University of Iowa. After graduation, Jessman spent several years as a private practice attorney
- He had a brief stint with Farm Bureau assisting with estate planning and joined Prinicipal Financial In 2015 to continue his passion of helping to preserve family farms through proactive planning and financial strategies.
- Why is it important to have a succession plan?
- What happens when a generational transition doesn’t go well? What does it look like…..
- What happens when a transition goes smoothly?
- Who should be involved when putting this plan together?
- Family
- Attorney
- Financial Planner
- Advisory Team
- Who else?
- When should a plan be put together?
- Near retirement?
- Any time?
- Can we change the plan after one is made?
- Can things happen before we die?
- When you work with a new client, what does a first meeting look and feel like?
- What are the first steps?
- What should we have prepared for the first meeting?
- Who should come?
- Is there more than one meeting?
- How long could a plan take to make?
- How do you help a client get down to what is important to them and their family?
- What are some common estate planning/farm transition planning techniques and products available for our listeners to learn more about?
- Life insurance
- Entity structure
- Buyout agreements
- Contract sale
- Etc…..
- Remember to ask how this ties back to saving their hard earned profits.
- What would your advice be to the aging listener who needs to communicate this plan to the next generation or two?
- Can you make it a party? Throw a BBQ and celebrate the hard work and reward the process?
- What advice would you give to the younger generations on how to approach this topic with their parents or grandparents?
- How do you not sound like you want them to die or are greedy?
- What advice or what would you like to say to the listener that is thinking to themselves right now “I don’t need no skinning plan, we can just figure it out”?
- Any last comments, advice, or closing thoughts to share?
- Summary
- Challenge
- Challenge is to find out if there is a plan in place. If you know there is one make sure you get the details. If there isn’t a formal plan then the next step of the challenge is to make a plan! Get creative to where the conversation isn’t morbid but fun and rewarding.
- Reminders
- Rate, Like, Review, Share – this one especially because it’s for more than just farmers
- Send us your topic ideas and discussions
Want Farm4Profit Merch? Custom order your favorite items today!
https://farmfocused.com/farm-4profit/
Don’t forget to like the podcast on all platforms and leave a review where ever you listen!
Website: www.Farm4Profit.com
Shareable episode link: https://intro-to-farm4profit.simplecast.com
Email address: Farm4profitllc@gmail.com
Call/Text: 515.207.9640
Subscribe to YouTube: https://www.youtube.com/channel/UCSR8c1BrCjNDDI_Acku5Xqw
Follow us on TikTok: https://www.tiktok.com/@farm4profitllc
Connect with us on Facebook: https://www.facebook.com/Farm4ProfitLLC/
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.