Business succession planning doesn’t just doesn’t happen. Producers must intentionally focus on the planning and work with a team of professionals such as a tax specialist, attorney, financial planner, and lender. Family businesses in particular, should first recognize that family and business systems focus on different goals. A family farm inherently mixes family and business issues. Families are concerned with emotions and focus inwardly on people’s needs, emphasizing stability and limiting change. Successful businesses focus on performance and external influences and take every opportunity to use change to their advantage. Families should consider how they can balance their farming goals and family values. Farmers can make their time with professionals more worthwhile and lead to better outcomes by doing homework prior to their meeting.
This video series is a companion to the Ten Things to Consider for Succession Planning article.
The entire video series is available at https://www.youtube.com/c/UniversityofWisconsinExtension/10+Considerations
Or watch individual videos:
Step 1 – Organize your Information
Step 4 – Analyze the Farm Business Financials
Step 5 – Estimate family living needs
Step 6 – Develop a management transition plan
Step 7 – Create a Timeline
Step 8 – Develop and Discuss Estate Plans
Step 9 – Consider what is fair vs. equal