Farm Transition Planning: Focus on Long-Term Farm Needs

 

You’re involved in the day-to-day operation of your farm – making decisions, meeting deadlines, planning for next year. You’re up to your ears in machinery maintenance, input purchases and marketing – not to mention getting this season’s crop harvested. That’s why it can be challenging to step back from the fires you’re putting out today to think about a bigger picture: your farm’s legacy.

Have you developed a transition plan for when you retire or when it’s time to pass the farm on? You’ve worked so hard to build your operation. Having a succession plan is the best way to ensure your farm’s legacy continues as you wish.

Good farm transition planning involves:

• identifying your values, goals and objectives
• getting the business side of the farm operation in order
• completing personal estate planning
• setting up you assets so that you are financially independent
• thinking through all areas of risk management
• ensuring the proper legal documents are in place