Now the cat is out of the bag and your spouse, business partner(s) and family know succession planning is on your priority list. You’ve thought about what your ideal retirement looks like and you have a clear sense of your farm’s profitability. 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 to its next owner.
Meet with your personal financial planner to share your ideal retirement plans and the profitability of the farm. Together, come up with a plan for building the nest egg you will need to finance your retirement.
My spouse and I have talked and we’ve recorded our plans and thoughts on succession planning and our retirement lifestyle. If you're ready for the next step this section complete on your worksheet and continue on.