Leaving a family legacy

A legacy is much bigger than an estate plan that passes down tangible assets, says Trevor Dickinson. It is the connections, the traditions and the opportunities transmitted to those who follow the current generation. It is what we have learnt from the past and what we hope for the future.

- Trevor Dickinson

If you asked business owners to list the advantages of membership in a thriving family agribusiness, many would mention the opportunity to leave a legacy for future generations. These business owners might be thinking chiefly about the operating company and other tangible assets. But a legacy encompasses more than just material wealth; it also includes the family’s emotional, relational, educational and spiritual inheritance.

Legacy is a daunting concept. After all, if your business is to be perpetuated for another hundred years or more, it follows that your decisions today will have ramifications not only for your children and grandchildren, but for those born after you are gone. To ensure a smooth succession, you have to take steps now to instill the values of stewardship, family loyalty and sharing. These values become the foundation that keeps families strong over time. Education, communication and strong values set the family on the right path to creating a long-lasting legacy.

Leaving a legacy is like passing a baton in a relay race, except that the transfer takes place in slow motion. We leave a legacy in the values and priorities we pass on to our children. We leave one when we teach co-workers how to perform a task or approach a challenge differently. We leave a legacy simply when we set an example for others. Family agribusiness owners must consider the impact of their legacies on all stakeholders: owners, family and employees.

A DISCIPLINED APPROACH