Many farms and small business owners spend a lifetime building a successful operation, but oftentimes transitioning the business to a next generation is very difficult. Sometimes there isn’t a next generation.
First National Bank’s Legacy Transitioning process assists business owners in developing a plan to cement their legacy in a sustainable manner, avoiding mistakes that lead to a forced sale of the farm or business.
A Comprehensive Planning Guide
- 50-Page Action Guide - Our 50-page guide covers just about every conceivable planning question you could think of, making sure the final plan is a valuable and comprehensive resource.
- Focused on Family - We know all about the importance of family, especially when it comes to farming. Our Legacy Planner will help you determine what role family members will play in the longevity of your farming operations.
- Conversation Starters - The success throughout this process will depend on the quality of communication within the family. To help get the conversations going, the Legacy Planner provides suggested topics of discussion so that everyone is working from the same page.
- Setting Clear Goals - While you may have some initial ideas of what you want to achieve when it comes to succession planning, the Legacy Planner process will help ensure these goals become well-defined and become action items for making them a reality.
- Succession Planning Self-Assessment Tool - To help determine the key objectives of the succession plan, we provide 20 statements to identify key priorities and what your first steps should be.
- Selecting an Advisor - If you haven’t found someone to guide you through your family’s succession planning process, you’ll find ten questions to ask potential advisors to ensure that select the right person.
- And Much More...