AG LEGACY Materials can help…
To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org

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Most farmers and ranchers realize that a solid estate plan involves outside professionals. However, those professionals typically do not address day-to-day business management nor preparing the next generation to take over when the time comes.

Where Do We Begin?
One way to begin the process of transitioning is to start with three, basic questions, including: “Where are we?”, “Where do we want to go?”, and “How do we get there from here?”

Formalized Succession Plan
Following a formalized plan can help ensure that critical steps are not overlooked.

Succession Plan Components
The seven components of a complete plan include: 1. Executive Summary, 2. Business Overview, 3. Strategic Plan, 4. Retirement Plan, 5. Succession Planning Process, 6. Financial Plan, and 7. Contingency Plan.

Strategic Plan
A solid strategic plan will address: 1. Values, 2. Vision Statement, 3. Mission statement, 4. SWOB analysis, 5. Strategic goals, 6. Implementation plan, and 7. Monitoring plan.

Written Plan Segments
The written plan can be broken into seven components: 1. Establish a timeline, 2. Establish a planning team, 3. Select the appropriate successor(s), 4. Develop a written plan, 5. Communicate the plan, 6. Plan for retirement, and 7. Enjoy the years ahead.

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What is Your Management Succession Plan?
View a free recording on developing a succession plan at AGLEGACY.org

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* Do you know where to begin; how to start?
* Is a formal process better; what about an informal process? Which works best?
* Who should be involved; why?
* What are the components of a succession plan?
* Does strategic planning help move things along?
* What are the segments of a written plan?

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