January/February 2024 - 22

BUSINESS
BY JEFFREY S. DEWALD CLU, CHFC, CBEC
CONTRIBUTING WRITER
t was a gorgeous spring morning
in Maine, and our client Jim was
moving his water tanker from
one parcel of his sprawling farm to
another, over a winding and hilly
country road. It was Jim's last chore
of the morning. After lunch, Jim had
a meeting at his attorney's office with
his cousin and business partner. They
were to put the finishing touches on
the farm succession plan we'd been
working on for the past year.
As Jim rounded a bend and crested
a hill, his heart stopped. There in
front of him was the son from the
farm next door, driving a box truck
full of eggs, straddling the double
yellow line, and coming at Jim headon.
As Jim's life flashed before
his eyes, he wrenched the
wheel to the right, sending his
tanker careening into the ditch
as the box truck hit him .....
By its very nature, farm
succession planning is a
challenge. We ask our clients to
prepare for the day they can no
longer be at the controls of an
operation they have grown and
nurtured for 20, 30, 40 years
or longer. None of us wants to
contemplate that.
I
Adding to the challenge:
In our combined 80 years
experience in succession
22 JANUARY/FEBRUARY 2024
planning, we've
come to realize that
every operation
needs not one, but
two succession plans.
Everything goes
perfect
We call the first plan
the " Everything Goes
Perfect Plan. " It's the
roadmap for when life works out
exactly as planned. You never have
a bad crop, you and your spouse
are never sick, the children grow
naturally into their management
roles, and all the children and
their spouses (even the ones who
didn't grow up on a farm) get along
and accept the sacrifices and time
commitment. Mom and dad get to
retire at the time of their choosing,
remain financially independent of
the operation and live out their
retirement dreams.
The Everything Goes Perfect
Plan is important. It gives a
goal and a direction for longterm
planning. How do we
prepare the next generation
to take over? Which of the
children should manage which
part of the operation? Where
will mom and dad's income
come from, once they stop
farming, and how can we
minimize the taxes? How do
we hedge against foreseeable
risks, like inflation, outliving
their assets, or the financially
devastating probability of
needing long-term care?
" Having good
INTENTIONS
doesn't guarantee
SUCCESS. "

January/February 2024

Table of Contents for the Digital Edition of January/February 2024

Editor's Letter
Precision pollination
Sustainable innovations
Pest Management
Data and novel technologies
A trusted name
Business
Company Spotlights
Industry Events
Ad Index
January/February 2024 - 1
January/February 2024 - 2
January/February 2024 - 3
January/February 2024 - Editor's Letter
January/February 2024 - 5
January/February 2024 - Precision pollination
January/February 2024 - 7
January/February 2024 - 8
January/February 2024 - 9
January/February 2024 - Sustainable innovations
January/February 2024 - 11
January/February 2024 - Pest Management
January/February 2024 - 13
January/February 2024 - Data and novel technologies
January/February 2024 - 15
January/February 2024 - 16
January/February 2024 - 17
January/February 2024 - A trusted name
January/February 2024 - 19
January/February 2024 - 20
January/February 2024 - 21
January/February 2024 - Business
January/February 2024 - 23
January/February 2024 - Company Spotlights
January/February 2024 - Industry Events
January/February 2024 - Ad Index
January/February 2024 - 27
January/February 2024 - 28
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https://www.nxtbook.com/greatamericanmediaservices/NNG/january-february-2024
https://www.nxtbook.com/greatamericanmediaservices/NNG/november-december-2023
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https://www.nxtbook.com/greatamericanmediaservices/NNG/july-august-2023
https://www.nxtbook.com/greatamericanmediaservices/NNG/may-june-2023
https://www.nxtbook.com/greatamericanmediaservices/NNG/march-april-2023
https://www.nxtbook.com/greatamericanmediaservices/NNG/january-february-2023
https://www.nxtbook.com/greatamericanmediaservices/NNG/november-december-2022
https://www.nxtbook.com/greatamericanmediaservices/NNG/september-october-2022
https://www.nxtbook.com/greatamericanmediaservices/NNG/july-august-2022
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https://www.nxtbook.com/greatamericanmediaservices/NNG/march-april-2022
https://www.nxtbook.com/greatamericanmediaservices/NNG/january-february-2022
https://www.nxtbook.com/greatamericanmediaservices/NNG/winter-2022
https://www.nxtbook.com/greatamericanmediaservices/NNG/fall-2021
https://www.nxtbook.com/greatamericanmediaservices/NNG/summer-2021
https://www.nxtbook.com/greatamericanmediaservices/NNG/winter-2021
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