The Importance Of Solid Succession Planning

CLINTON, MISSOURI

   For many of us it can be difficult to wrap our heads around succession planning. There are always so many things to do on a farm, so many things that require attention here and now, that something as distant and unimaginable is hard to comprehend.

   But succession isn't something to sweep under the rug. By the time you're ready to back down and pass on the torch there will be other complications, whether that be health strains or sorting out the details of retirement. It will not be the time to just start thinking about what will happen to the farm you've poured so much of yourself into. The sooner you start thinking about what's ultimately going to happen to your land, your resources, and your legacy, the better.

   There are many challenges and pitfalls that litter the path to a smooth succession. An ounce of prevention is worth a pound of cure, and nowhere is that truer than here. Simply taking the time to learn about the process can save you a lot of trouble and grief, and dodge the errors brought about by last minute decisions.

   Familiarize yourself with common problems that can occur and find ways around them before they become your problems. Know how the process of passing the farm from hand to hand works; what legal steps are required and what help you will need to make that happen.

   Starting early allows you to make plans that work well for your whole family. It takes away the strain, because everyone will already know what's going to happen. The fewer surprises along the way the better.

   These things can make the difference between a smooth transition and a legal, interpersonal chaos fest. Planning ahead leads to well thought over, well agreed on plans, and that preparedness will save you a lot of trouble when the time to retire finally comes.

   Want to get started, but aren't sure how? Contact us! AgriLegacy is the perfect place to start paving your Farm's future for generations to come. ∆

   AgriLegacy, “Keeping the Farm in the Family”, www.agrilegacy.com