Your Succession Plan Team (who’s on it)

Succession planning is important but also complex. Land, equipment, equity, livelihood, retirement — there’s a lot to consider! Make sure you have a trusted team by your side.

An ideal succession-planning team includes the following:

Current Partners

These are all stakeholders in the current operation. Anyone with a financial interest in the operation. operation.

Heirs

Heirs, whether currently involved in the operation or not, are an essential part of the succession planning process. Leaving heirs out could mean making errors about who wants to take over and failing to incorporate their vision for how it will operate after the transition.

Accountant

Different succession strategies have different financial and tax implications. An accountant familiar with the operation can offer valuable advice about the best way to handle the transaction. 

Attorney

A lawyer can provide invaluable advice about the legal implications of various succession strategies. They will also help with necessary transition paperwork.

Financial Planner / Lender

Succession is a financial transaction, and your trusted financial planner or lender can explain the financing options as well as the funds that are needed to transfer ownership of the land, equipment, and any other assets.

Consultant

Not only is succession a major decision but a major undertaking. Consultants can help you evaluate options, devise the actual succession plan, and resolve conflicts within the family to ensure a smooth transition.