Step 6 is where to map out all the things, big and small, that need to be done during the transition time of succession. You’ll establish a table that details of everything you’ll need for the transfer from developing any necessary agreements to planning how owners and successors will resolve any disputes that come up and consulting your advisors on your plans.
Making Transition Happen
Phew! You’ve been working hard to get the decisions made to ensure the farm has the best chance of flourishing after succession. Now is the time for you to plan the crucial transition time – between now and when the farm transfers officially.
In this step, you’ll be mapping out how roles and responsibilities will transition from the owner to the successor. For this you’ll use the assessments you completed on the owner and successor as well as the successor development plan you drafted. Then you’ll establish a Labour-Management-Ownership table that captures the many parts of the transition plan.
You’ll share your draft Labour-Management-Ownership table with advisors for critical feedback and you’ll check for any issues with your plan. You’ll communicate it to family, document any agreements you need to have in place, and develop a dispute resolution method for those issues that may pop up. Lastly, you’ll share the whole kit and caboodle with your advisors so they can help you stay on top of things.
We’re ready. Let’s get planning. Mark Complete and continue on.