Thinking about a farm transition? What to do next

Farm business transition is no easy trick. After you answer our 25 questions, you will know a lot more.

If you have been following our blog throughout August, you saw 25 questions to help you judge your readiness to start a farm business transition.

Once you get through those questions in good shape, the next step is to set out some goals.

You will need:

-Individual goals,

-Family goals,

-Business goals, and

-Retirement goals.

These four priorities will provide the guideposts to your journey through the transition process. If you don't meet all these goals then your transition will likely not succeed.

Use your response to the 25 questions to help shape your goals in each category.

In some cases, you will need the help of trusted advisors to answer these questions. It's another reminder of the value of fee-only, fiduciary financial planning advice during this process.

If this article has you thinking about your own circumstances, contact my office at [email protected].

The opinions of the author are not necessarily those of Farm Futures or Penton Agriculture.

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