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Understanding Succession Planning – and what it can do for you
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While most of us envision a succession plan as something we would implement leading up to retirement, it is an excellent tool to help you prepare for any situation where the owner or lead decision-maker in your farm becomes incapacitated.
There are countless reasons why you may have to leave your farm unexpectedly. Yet, most farm owners put off planning for this reality. If you had to leave the farm suddenly, your loved ones would be dealing with stress, anxiety and, potentially, grief. A succession plan can ensure that ‘farm business confusion’ isn’t added to the list.
Succession planning also involves identifying each family member’s role and establishing a plan for continuity. Does your family know where your bank accounts and investments are held? Could they access your insurance information, or your will, if they needed to? This organizational succession framework allows the farm to maintain a sense of stability in an emergency.
The events of 2020 were unforeseeable. This year, give yourself and your family peace of mind by starting the succession planning process. It’s a decision you won’t regret.
Take our FREE assessment and discover how MNP can help guide you as you prepare for your future.
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