Congratulations! You’ve mapped out all of the things you need to do between now and succession day. It’s time to add the details to the task list.
Assignment
Choose the month and year that the farm is expected to transfer fully
Assignment
Establish your Labour-Management-Ownership table using the worksheet in your Workbook.
Give yourself a reality check
You’ve finished listing all the tasks for the transition period and you’ve also noted what tasks will transfer to the successor(s) in each year. It’s time to look at the information in a slightly different way and see if you’ve been realistic and fair to both the owner and successor(s).
Action Point
Review your work on transition period. Are there any years where an awful lot of tasks are moving to the successor(s)?
If so, it’s a pretty good indication that the transfer will not flow smoothly. Perhaps the owner(s) are holding onto responsibilities longer than they should. Perhaps the successor(s) are nervous about taking over certain responsibilities.
If there is one or more years where too many tasks are moving to the successor(s) at once, go back and edit the timeframe.
Next Step
If you have reviewed the number of tasks moving to the successor(s) in each transition year and you're happy with how it looks mark complete and continue on. If you have reviewed the number of tasks moving to the successor(s) in each transition year and you may need to change some things. Review your Operations – Management- Ownership table.
