Whether you’re a farm owner, a potential successor or another family member, you can’t plan for a 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 and their spouse to figure out what they want their retirement to look like.
This section is written primarily for farm owners and their spouse but any member of the planning process will find it helpful.
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 and business partners know succession planning is on your mind
Implement any changes to your retirement savings and pension plans
Identify and recruit any advisors you may need