Now your significant other(s), business partner(s) and family know succession planning is on your priority list. You’ve thought about what an ideal transition looks like and you have a clear sense of your farm’s capacity to support farm succession. It’s time to make the changes to your retirement savings plans and investment strategies to make sure you end up where you want to be when the farm transfers fully.
Action Point
Meet with your personal financial planner and farm financial advisor to share your ideal transition plan and ensure the profitability of the farm. Together, come up with a plan for securing the capital necessary to finance the farm transition and retirement for the current owners. Record meeting notes in your Workbook.
Next Step
Meet with my financial advisor(s) to make the necessary changes to my retirement savings plans and investment strategies to ensure a financially viable farm transition and retirement.
