Planning with INTENTDo I really need a Vision & Mission?

“Why are we doing this?”Critical planning need…How to transition the farm family business to a successor

Outcome-based planning…Begin with the place you want to end up, then work

backward to figure out how to get there

Getting it out there…We’re more likely to do something that is written down

Getting it “mutual”…Everyone need to know where we are going

What’s the difference?!?!

Vision StatementWhere we want to end up when we are

successful.

Mission StatementWhy this family business will take us there.

Both must stretch, inspire, and unite

Putting Them Together

A statement of intent combines your vision for the for yourself, your family and your farm and what your business means to you, your community and your customers into one statement.

THE VISION STATEMENTIf you don't know where you are going, any road will get you there.

What is a Vision?A vision is the guiding image of success…

For selfFor familyFor farmAnd beyond

…for a future that is planned and agreed upon by all decision-makers.

Your values and vision will shape your entire planning process…

What does a Vision do?A Vision provides:

Destination – where we are going and whenSituation – surroundings (e.g. community, environment) and how we interact with them

Inspiration – power to move intellect or emotions

Motivation – incentive to act

Place yourself in your Vision

What are your values? Where are you? What does it look like? What are you doing? How do you spend time? Who is there with you? What are they doing? What else is there? Why is it there and what does it add? What contributes most to your quality of life?

My Christmas LetterYour are writing the 2022 Christmas letter. Include the following: What you are doingWhere you are livingWhat your spouse is doingWho is working in the businessWhat they are doing and how it is being doneYour family (Married? Children? Grandchildren?)The business (Growing? New enterprises? Profit?)

Remember These Questions

A Shared Vision

• To be useful, a Vision must be mutual– If one or more decision-makers do not buy

into the vision, this substantially reduces the likelihood that anyone will achieve it

• As a family, see where visions overlap– And take note of where visions conflict

• Write a “statement” that describes a vision you all share?

What is a Mission Statement?

“A mission statement rolls your values…and vision into a set of guiding principles that describe your business. It serves as a benchmark for you and your partners while communicating how and why your business exists to customers and other community members outside your business.”

– Building a Sustainable Business, MISA

What is a Mission Statement?

•A mission statement describes how the farm family business will take us to the future we intend to create for ourselves, our families and our farm.

Mission/Statement of Intent

Why does our business exist?What makes our business unique?For what will our business be known?To whom is our business responsible? How does our business fulfill a need?

Particular offering of products and services?

Particular context or value proposition?

Presented by:

John R. BakerAttorney at Law

jrbaker@iastate.edu1-800-447-1985

Beginning Farmer Centerwww.extension.iastate.edu/

bfc/877.BFC.1999