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