Why spend time on goals as part of the transition process? It is very simple. Many people talk about what they want to do but until you define the intent and actions that are needed to take place, it is just talk and seldom achieved. When you put the goal on paper and share it with others, now you have accountability and the opportunity to gain the support and encouragement of others in your family and business. Just think about what could happen if your entire management team, consultants, friends and family were all supporting one goal. What is the possibility of success? This is the third installment in this farm transition series with more to come.
Steps to get your farm transition plan in place:
- Complete essential paperwork – a will and/or trust.
- Make sure you are maintaining a current and very detailed balance sheet inventory.
- Are members of the family farm business setting goals?
- Develop a vision for the farm business that focuses to a transition plan.
- Balance farm and non-farm issues that impact the farm business transition.