Legacy (part 3)…….ya Reckon?
 | Author:
Denise White Thompson, Rancher and Columnist
Denise Thompson |
Denise White Thompson
Rancher and Columnist
Grab the bull by the horns! Attend Broadwater Conservation District’s free workshop on March 1st called Finding Fairness in Farm Transition with Elaine Froese. This is sure to be a powerful and helpful event, whether you are a multi-generation farm and ranch, a family business owner, or anyone seeking help and guidance with wills and estate planning, succession planning, or how to transition into retirement with a family business of any kind. Front and center will be tools on how to Be Rich in Relationships; after all, those relationships are invaluable, ya reckon?
Last week I spoke about Jason Meadows podcast, Ag State of Mind, and his interview with world-renowned Farm Family Coach, Elaine Froese. In Part 2 of that interview, Jason and Elaine go deeper into Succession/Transition Planning for multi-generation farms and ranches and businesses.
Key takeaways from this interview: Grab the bull by the horns. Talk about what is troubling you, and ask yourself: What is it I truly want and how am I going to get there? Nobody will truly know what you want unless you tell them. What form are we going to have to share with each other, our expectations, timelines and the certainty we need to decrease our anxieties? No surprises. There MUST be transparency where you strive for harmony through understanding and knowing the plan. Must have clarity, and that comes from seeing the legal documents as well. It is your right to ask for clarity. Elaine’s definition of fairness: How can you help everyone in the family be successful?” - and that will be different for everyone. A Win-Win approach can only be achieved through open, effective communication; which is, unfortunately, lacking in a lot of families. It is OK to ask the hard, courageous questions, and it is worth it. “Do you want to stay in a place of high stress and high anxiety (which is not good for your mental health) and be in that place and pain of not knowing?” It is a mindset shift to see conflict as a business risk management strategy. There does not have to be fighting. If disagreements, have conversations. Must have a voice & ask for what you need. EXPLORE Options. Intent: Looking out for their best interests and your own, because you are seeing this for generations to come. Never too early to start the conversation & plan. Get to a financial planner. Get wills and POA’s, etc. in order. Tears of Joy not Tears of Sadness. Nothing is left unsaid and nothing is left undone. Self-care and support from others (besides spouse) is vital. Different is not wrong; it’s just different. Respect your in-laws, and give them a voice at the table. Bless your child’s life partner; don’t curse them. “Let’s bless them, and the cursing stops because mercy triumphs over judgement.” Strive for quick repair in relationships.
"Hope deferred maketh the heart sick: but when the desire cometh, it is a tree of life". Proverbs 13:12 KJV
For the love of Ag from the heart of a western woman,
Denise Thompson
Article Images
Click on Image Thumbnail(s) to view fullsize image
PhotoCredit: Denise Thompson Photo
Image 1 Caption: Grab the bull by the horns!
Denise Thompson Photo
