Put these tasks on the top of your priority list for 2015. Now is the time to be proactive and purposeful in transitioning your farm operation.
1. Plan to pass on all four types of wealth.
Families who are successful in transitioning their operation understand wealth goes far beyond money. Focus on all four types of wealth and capital—human, intellectual, social and financial.
2. Draft a family employment policy.
Although a family employment policy seems so formal, it’s a key tool to addressing who can be considered for employment and under what terms.
3. Log your farm’s day-to-day operations, compile a list of key contacts and collect important documents.
What if you were in an accident that put you out of commission for a few weeks or longer? Would those on the farm have all of the information and knowledge they need?
4. Organize and host an awesome family meeting.
Not sure where to start your family’s succession plan? Step one is a family meeting. Until you know your overall goals, you’ll just spin your wheels. Follow these steps for habitual and valuable family meetings.
5. Don’t let family or employee disagreements affect productivity.
Combat conflict on your operation. Follow these steps to improve communication and reduce stress.
6. Make a plan for long-term health care needs and costs.
Don’t gamble your farm against the nursing home. At least 70% of Americans older than 65 will need long-term care services and support at some point.
7. Dive into these books for succession planning inspiration.
Add these titles to your winter reading list. Regardless of where you are in this process, books are a great tool to focus your thoughts, identify new ideas and put you in the mindset to move forward with your plan.
Find more succession planning information and tips through Farm Journal's Legacy Project.