She Mastered Growing Plants. Now She’s Growing a Business.

For most of her life, Samantha Foxx was not a fan of dirt.

A Chicagoan in love with city life, she never imagined she’d trade the concrete jungle for tending a farm. But things changed in 2017 when Foxx received her own call of the wild. “I got an opportunity to take a farming class and realized, ‘I’ve been missing out on so much,’” she says. “It was a wake-up call. This is a way to help myself, my family and my community.”

Now, three years into running her own farm, Foxx is grappling with new opportunities and challenges. In the face of a global pandemic, Foxx has realized that she’s at a crossroad: take her farm to the next level or risk stagnation, which could jeopardize everything she’s worked so hard to build. “Right now, we’re working on opening our first farm store, but my ultimate goal is to turn the farm into an agriculture school,” she says. To determine the plan ahead, Foxx looked for help with the building blocks of any business: her finances.

A Plan for Growth

“We definitely need help,” Foxx says. The last 12 months have been a whirlwind for her company. In addition to managing the normal stressors of owning a new business, Mother’s Finest has had to deal with the unique ebb and flow of operating during a global pandemic. The company has had unprecedented demand for certain items, such as fresh produce, honey and elderberry tonics, but has also seen a drop in other streams of revenue, such as classes on farming and beekeeping. There are other concerns. Foxx has been using personal money to keep the company moving forward and is eager to put systems in place that will help her expand and hire more staff. The question is, what first and how?

Jacqueline Wiggins, an estate- and business-planning consultant at MassMutual, says, “I’m a big believer in safety nets, and planning can help you establish a sense of financial security for yourself and your business.” The company offers education to individuals, so they can make a plan to protect their personal and business financial futures. Wiggins suggests working with a financial professional to identify personal financial goals, such as income replacement and retirement funding, and create customized strategies to achieve those goals.

Making room for more duties isn’t the easiest feat for a busy entrepreneur, but Wiggins notes that working with the right team of experts can help Foxx establish a plan to prioritize the risks and the needs of her business and find the best solutions. Wiggins suggests Foxx’s plan include the following:

A Plan For Her Family.

“The first steps are completing basic estate-planning documents and establishing a financial plan for her family, as Foxx sets goals for the expansion of her business,” Wiggins says. This plan will help Foxx determine what she needs to support her family at every stage of the farm’s growth, including her retirement. “It’s important Foxx think about her family’s financial needs in her retirement planning,” Wiggins adds. “She should include strategies that protect the value of her business long term and provide income-protection solutions for her family’s financial security.”

A Plan For Every Part Of Her Business.

For companies with multiple moving pieces, such as Mother’s Finest, this is a heavy but much-needed lift. “It is important to differentiate between separate business initiatives,” Wiggins adds. “They should each have their own plan, a process to track revenue and expenses, and strategies for business continuation and income protection for Foxx.” For Mother’s Finest, that means establishing plans for the farm itself, the store, the online market, the school and any other ventures.

A secure plan for retirement and business succession.

As her farm grows, Foxx hopes to acquire more land and pass it down to her children. “The farm has taught my kids the importance of caring for the planet and eating well,” she says. “I hope one day they will take the reins and continue to lead by example.” To achieve that goal, Wiggins suggests that Foxx consult a financial professional and discuss her succession planning options long before her retirement date and as part of an overall business continuation strategy. This starts with understanding the value of the business: Not just its monetary worth, but what’s driving growth and building intangible value, as well. With that information, Foxx’s succession plan can protect the business long term, diversify its assets and make it possible for the next generation to continue.

After speaking with Wiggins, Foxx is ready to make a few changes. “I realize I have to write out a new plan,” she says.

This fall, that plan will focus on three products: a farm store, a farmers’ market and online classes. The company has already purchased many of the essentials for the store, including freezer units, and has begun to organize stock. The farm will also spearhead another C.S.A. program, and Foxx is working on a virtual version of her beekeeping school. With her eyes set on success for the upcoming season, Foxx says she’s eager to continue the farm’s growth. “I’m excited to put pen to paper and make a plan for the future,” she says.