January/February 2024 - 23

BUSINESS
Every operation needs a
second plan
But every operation needs a
second plan, which we call The Egg
Truck Plan in honor of Jim. What if
the unthinkable happens, and you
don't get the chance to live out your
dreams? What is your contingency
plan to keep the wheels from falling
off the operation, and your family
from spiraling into arguments and
acrimony if you die, get sick or
get dementia? Is your family and
operation prepared?
Having good intentions doesn't
guarantee success. Both plans must
address a range of issues: Who
will own the operation? Who will
manage it? How do we keep key
non-family managers on board?
How have you communicated your
intentions to your family? How do
we prevent a breakdown of trust and
communication among the children
who are in the operation and the ones
who have chosen a different path?
Are your legal documents (wills,
trusts, powers of attorney, etc.)
up-to-date? Or are they the same
ones you executed 30 years ago
when your oldest child was born?
Do they transfer the farm to the
right parties, with appropriate
protections against divorce and
poor choices? How do they treat
the children who are not in the
operation? Will your surviving
spouse be financially independent
of the operation?
If there is a buy-sell agreement, is
it tax-efficient? Is it affordable, or
will it bankrupt the buyers? With
land values skyrocketing in many
parts of the country, is the value in
the agreement " fair " to both buyer
and seller? If there is insurance
associated with the agreement, are
the policies healthy? Or have they
been adversely impacted by the
stock market or interest rates?
We've had lots of farmers, growers
and ranchers tell us " We have a plan. "
But our experience is most operations
have one plan or the other, but not
both, and many have no plan at all.
If your operation doesn't have both
an Everything Goes Perfect plan and
NATIONALNUTGROWER.COM 23
an Egg Truck Plan, it may be time to
upgrade your planning to protect your
family and the farm.
Jim wasn't belted in, and he broke
several ribs as the tanker rolled into
the ditch. Luckily, he survived. But in
a cruel twist of fate, 2 ½ years later, his
brother was hit head on and killed by a
pickup truck which hit a patch of black
ice. Jim's request of us? " Keep telling
that egg truck story. None of us know
how much time the Good Lord will
give us, and we need to be prepared. "
Our next article will explore the
surprising reason why most family
business succession plans fail.
Disclaimer: Agribusiness Succession
Advisors' Jeffrey DeWald and Michael
Cohen are registered representatives of
and offer securities and advisory services
through Lincoln Financial Advisors
Corp., a broker-dealer (member SIPC)
and registered investment advisor. This
information should not be construed as
legal or tax advice. You may want to
consult a legal or tax advisor regarding
this information as it relates to your
personal circumstances. Agribusiness
Succession Advisors is not an affiliate
of Lincoln Financial Advisors. CRN5934717-090723
Jeffrey
S. DeWald CLU, ChFC, CBEC
is a founder and managing member of
Agribusiness Succession Advisors, LLC.
Jeff has more than 40 years of experience
providing succession planning and estate
planning strategies for successful farm
families and other closely held businesses.
Jeffrey S. DeWald is a registered
representative of Lincoln Financial
Advisors Corp. Jeffrey DeWald can be
reached by email at Jeff.DeWald@lfg.
com. For more information, visit www.
agsuccession.com.
The Egg Truck Plan is the second plan created
in honor of Jim, for the times when the
unthinkable happens. Photos courtesy of Jim.
http://www.agsuccession.com http://www.NATIONALNUTGROWER.COM

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
https://www.nxtbook.com/greatamericanmediaservices/NNG/march-april-2024
https://www.nxtbook.com/greatamericanmediaservices/NNG/january-february-2024
https://www.nxtbook.com/greatamericanmediaservices/NNG/november-december-2023
https://www.nxtbook.com/greatamericanmediaservices/NNG/september-october-2023
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
https://www.nxtbook.com/greatamericanmediaservices/NNG/may-june-2022
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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