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Winter: A season of rest and preparationBy Greg Wolf As I'm writing this in early February, it feels more like spring outside than winter, but the focus of my column this month is wintertime. Farmers, ranchers, and gardeners have a special appreciation for the turning of the seasons, and for the different things associated with each. Taking the cue of nature, we generally view spring as a time of seeding and birth, summer a time of growth and action, and fall a time of maturity and harvest. I would describe winter as a season of rest, but also of preparation. There are obviously exceptions but, as fall turns to winter and the activities of fall harvest cease, there is usually a slowing down into a more restful state. In nature, the pattern is a little more candid--it is a time of dormancy and death. Certainly, there are lessons of mortality in this, but this season of rest can also be viewed in several different ways. It can represent the completion of a cycle not just of a life, but of a career, a business, or even an industry. Industries, in fact, are often described as developing (spring), growing (summer), maturing (fall), or dying (winter). In Proverbs, there is a lesson from nature about anticipating a winter season while in summer and fall: "Go to the ant...consider her ways, and be wise: which having no guide, overseer, or ruler, provideth her meat in the summer, and gathereth her food in the harvest." (Prov 6:6-8) It isn't always easy to anticipate a coming season of rest. As it relates to a business or a career, for example, it isn't easy to anticipate changing roles, often as much for non-financial reasons as for financial ones. Obviously, one of the challenges of anticipating changing seasons is dealing with uncertainty. I would offer three simple keys to help think about uncertainty. First, it is important to focus on the known, of which there is usually quite a bit. Second, it is important to consider possible unknowns and to think about adapting to a range of possibilities. And third, I think it is important to recognize that no one season is inherently any better or worse than any other, and that a bright outlook and enthusiasm for the future pays dividends, come what may. Robert Browning wrote of this in what is usually regarded as romantic verse, but which can actually apply to a number of different winter seasons: Grow old along with me! The best is yet to be, The last of life, for which the first was made. Our times are in his hand who saith, A whole I planned, youth shows but half; Trust God: See all, nor be afraid. As I indicated in the beginning, wintertime is not just about rest, it is also about preparation. A lot of farm shops are humming with activity in preparation for spring planting, and cattlemen are gearing up to welcome spring calves. Even in the midst of the rest of winter, there continues preparation toward the next growing season. While these changes are pretty obvious, I suppose other applications can seem a little abstract. However, these themes are actually quite relevant to the multi-generational family businesses that we work with in many other ways. Here are a few examples of some related subjects that these families frequently consider: --Retirement--the focus of planning for retirement seems on the surface to be mostly personal but, in a family business setting, it actually dovetails with the rest of the family and the business. Effective retirement planning does involve consideration of financial resources and planning, but also non-financial plans and goals, hopes and dreams, relationships and estimated timeframes. For farm and ranch families, it represents as much a process as an event. --Estate Planning--the focus of estate planning is the transition of asset ownership. As such it, of course, involves legal and tax considerations. But it also involves deeper personal consideration of heirs or charitable intentions. Effective estate planning seeks the optimum structures and processes for the transition of asset ownership, without losing sight of the more personal considerations. --Succession Planning--we usually think of the focus here as the transition of management. Effective succession planning is not about pushing anyone out of the way. Rather, it is about preparing--educating, mentoring, gradually increasing responsibility, and otherwise developing--future managers of the business, while maximizing the satisfaction and value of current management. In each of these areas, the planning we might do is more effective when seen in the light of seasons that are changing. Winter will soon pass, and then before you know it, it will be here again. Enjoy the rest it offers, and the opportunity to anticipate the next season. Editor's note: Greg Wolf is a consultant with Kennedy and Coe, LLC (www.kcoe.com) and works to help clients of the firm navigate toward better returns in all areas of their businesses. He is based in the firm's Pratt, Kan., office and can be reached at 620-672-7476.
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