Business Succession Planning – Some Assembly Required

The great Olympian Jesse Owens once said:  "We all have dreams, in order to make dreams come into reality, it takes an awful lot of determination, dedication, self-discipline and effort.“ I spent the day Wednesday meeting with farmers and ranchers from various parts of Southeast Idaho talking about succession planning.  I am sure many felt overwhelmed at the prospects of starting to plan for the transition of the farm or ranch.  But, like I always tell my kids, great things happen when you show-up in life and they showed-up.  They were ready to start or continue the process of succession planning; and it is a PROCESS!  It is not something you can finish in an afternoon. We all have unique situations, but with some effort and some grit, succession planning for a farm or ranch can be done successfully!  At some point the transition will happen – whether by retirement, death, disability or some other cause.  Will you be ready?  Remember:

• Thinking about planning is not planning

• Talking about planning is not planning

• Delaying planning is not planning

• Successful planning REQUIRES carving out time to plan

• Successful planning REQUIRES decisions

• Success planning REQUIRES implementation