Starting your farm transition journey? Here are resources to help
Transition is different for every farm – and is not a one-and- done project. Unsure of where to start or what to do next? Based on the Your path to farm transition, here are nine steps complete with tools and resources to help.
Gather details and documents about the farm structure and estate. Identify who needs to be involved and ensure they’re committed to the transition process.
Summarize and review the farm’s current financial position and structure, considering your family dynamics.
Confirm everyone is committed to transition and discuss individual and shared values to build a solid foundation.
Identify who’s on your professional advisory team and what skill sets you need to add.
Maintain a detailed, current will that supports your farm business plan and family commitments.
Create a written plan, budget and agreements that consider all generations’ values, vision and goals.
Share knowledge and help your successor gain the skills and experience needed for farm business success.
Review all details with your stakeholders and professional advisors. Agree on timelines and implement the plan accordingly.
Communicate regularly with stakeholders and advisors to review your plan and identify if anything needs to change.