sharing, etc.) and modify as needed 



2. Determine the best way to finance the estate and 

 income tax implications of the plan (compensation, 

 life insurance, borrowing) 



3. Review and revise corporate documents governing 

 authorized shares, stock restrictions, and manage- 

 ment authority 



4. Develop a training and /or mentoring program for 

 identified future family business leaders (Training 

 can involve formal education, on-the-job training, or 

 working for an unrelated business. Mentoring can in- 

 volve outsiders or key managers who are not family 

 members) 



5. Develop appropriate compensation programs for 

 key nonfanuly members to avoid loss of key people 



6. Develop compensation guidelines for family mem- 

 bers in the business 



7. Review your insurance portfolio, specifically 

 regarding disability insurance and life insurance 

 (to provide working capital for transition or funding 

 for stock purchases) 



8. Communicate the plan to key employees (impor- 

 tant employees are often lost due to concerns sur- 

 rounding the unknown impact of business 

 succession) 



9. Consider the Board of Directors content and 

 whether nonfamily members/advisors would be 

 beneficial 



Congratulate Yourselves 



You have accomplished what few family businesses 

 have managed to accomplish. Once a plan is estab- 

 lished, it should be revisited every few years to con- 

 firm that it is still an effective plan, consistent with 

 changing business/family dynamics. 



Kirk Leoni is a certified public accountant with 

 Nathan Wechsler and Company, 33 Pleasant Street, 

 Concord, NH 03301-404. The phone number there is 

 603-224-5357. 



This article was furnished by the Business Forum 

 Office (BFO) located at UNH in Room 116 of 

 McConnell Hall. The BFO oversees a number of 

 programs addressing the needs of businesses by way 

 of forums and workshops. The Center for Family 

 Business offers several membership programs: the 

 Petiley Forum for the Family-owned Business, the 

 Shapiro Forum for the Entrepreneurial Family, and 

 the Leadership Development Program. For information 

 about these and other programs that may be useful for 

 your business, contact Peter Parady at 603-862-1107. 



Pioneer Pointers 



Is Your Business Ready for YZk? 



In today's increasingly computerized world, 

 there is virtually no greenhouse operation that 

 will not be affected in some way by the Year 

 2000 a.k.a. Yak. No business can exist in a 

 vacuum. Your operation is part of a chain of cus- 

 tomers, suppliers, utilities, and vendors. As a re- 

 sult, Yzk issues can affect you. 



Here are some things you can do to prepare 

 and be ready for the next millennium: 

 . Complete an inventory of all computer hard- 

 ware, software, and telecommunication equip- 

 ment. Include date of installation, name of 

 manufacturer, and who currently services it. 

 . Identify all greenhouse equipment and software 

 with date-sensitive operating controls. Include 

 time-set watering, planting, and/or heating sys- 

 tems as well as accounting software. Is any 

 equipment digitally controlled or set? If so, com- 

 plete the same information listed above. 

 . Identify all suppliers to key inputs to your 

 business — seeds, pots, soil, fuel. 

 . Contact your suppliers to verify that they can 

 handle the change to January i, 2000, and be- 

 yond. You should prioritize based on a system's 

 importance to your business. If your business 

 can not survive without it, do not assume it will 

 be unaffected by the millennium bug. 

 . If your suppliers cannot certify that they or 

 their equipment , software, or services are Year 

 2000 compliant, have a plan to correct or replace 

 key systems. Don't leave it to chance. 



While Y2k has the potential to be a serious 

 business challenge if not properly managed, 

 there are good solutions for possible problems. 

 Time is on your side: address the issue now 

 rather than wait until the last moment, (sw) 



First Pioneer Farm Credit, being a financial 

 services provider, is working very hard to ensure 

 that our Green Industry customers avoid any 

 business disruption from Yik. We're checking all 

 our electronics systems from telephone and fax 

 machines to complex loan-accounting software. 

 All our AgCHECK and Red Wing farm accounting 

 software is Year 2000 compliant and we stand 

 ready to assist you in bringing your own account- 

 ing software up-to-date. For more information, 

 give us a call in Bedford at 1-800-82^-^252. 



THE PLANTSMAN 



