#AGLEGACY #FarmSuccession #EstatePlanning
Most farmers and ranchers realize that a solid estate plan involves outside professionals. But how do we address day-to-day management when the time comes?
TO LEARN MORE see: AGLEGACY.org
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.
