Now comes the last step, although that’s a bit misleading. Implementing and monitoring your succession plan is the last step in the process, but it happens on a loop so it really doesn’t have an end. You and your advisors will be implementing and monitoring your succession plan right through the transition phase until the farm transfers fully.
You’ve completed your Labour-Management-Ownership table that maps out all the tasks and activities that need to migrate from owners to successors before the farm transfers completely. If you haven’t already, start implementing it today.
Now that you're ready to get implementing mark complete and continue on.
Pull in the help you need
Owners and successors don’t need to implement the plan alone. In fact, that’s unwise for a few reasons:
You already have important responsibilities that need your attention. Don’t get us wrong – you can’t shirk your responsibility to ensure the farm transfers smoothly. Instead, consider keeping control of the most critical transfer-related activities and enlisting others to help with the rest.
You likely have willing family members who would be happy to share the load. That’s the great thing about family farms – there’s always someone to lend a hand. Don’t be afraid to accept help. It doesn’t mean you’re weak, or inefficient or unable. It means you believe enough in your family to let them help. Consider divesting some of the legwork to someone else you trust. For example, if you need to take an accounting course so you’re ready to develop and manage the farm budget, ask someone to search out the top three options for courses. You’ll save time and likely make a better decision.
Advisors benefit from being in the know. Being involved in the day-to-day implementation of a succession plan keeps advisors in touch with the reality of your business. That means they can be more confident in giving you the best advice possible. And they can save you some time. Think about asking an advisor to help out with some legwork. For instance, a financial advisor can help identify the most promising investment products to help you fund your retirement. They can also likely help crunch the numbers on whether you’re smarter to invest or pay down your debt.
You’ll benefit from other perspectives. We all know we make better decisions when we see things from all the angles. Enlisting help to implement your succession plan means a large number of people are looking at your plan. They just might have a suggestion that simplifies an issue or notice discrepancies you missed.
If you haven’t already, start implementing your Labour-Management-Ownership table today. You might benefit from adding more detailed deadlines to each activity or task. Feel free to do that. Anything that makes implementing and monitoring your plan easier will make things run more smoothly.
You've enlisted some help and started implementing the plan now mark complete for what's next