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Starting your farm transition journey? Here are resources to help

2 min read

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.

1. Prepare and identify

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.

2. Assess Current State

Summarize and review the farm’s current financial position and structure, considering your family dynamics.

3. Set Values, visions and goals

Confirm everyone is committed to transition and discuss individual and shared values to build a solid foundation.

4. Connect with experts

Identify who’s on your professional advisory team and what skill sets you need to add.

5. Create a will and estate plan

Maintain a detailed, current will that supports your farm business plan and family commitments.

6. Build a Business Plan

Create a written plan, budget and agreements that consider all generations’ values, vision and goals.

7. Train and develop

Share knowledge and help your successor gain the skills and experience needed for farm business success.

8. Align and activate

Review all details with your stakeholders and professional advisors. Agree on timelines and implement the plan accordingly.

9. Review and revisit

Communicate regularly with stakeholders and advisors to review your plan and identify if anything needs to change.