Whether you’re a farm owner, a potential successor (future owner) or another family member, you can’t plan for the future if you don’t have a good picture of the future you want. So, the first step in succession planning is for the owner(s) and any significant others (ex. spouse or life partner) to figure out what they want their lives to look like after they transition the farm.

This section is written primarily for farm owner(s) and their significant others, but anyone involved or interested in the transition planning process will find it helpful. Future owners should also have this conversation with their significant others to ensure both are on the same page moving forward.

The milestones in Step 2 are:

  • Open the conversation with your spouse

  • Work together to identify the retirement lifestyle you want

  • Collect your personal financial information

  • Identify the money you will need for retirement

  • Collect and prepare financial data on the farm

  • Assess current profitability

  • Let your family, any business partners and advisors know succession planning is on your mind

  • Identify and recruit any advisors you may need

  • Identify and implement any changes to your retirement savings, pension plans and other lifetime savings and financial resources you plan to draw from