Who will own your farm in 10 years?
This question is designed to make you stop and think – instantly conjuring images of the future and the possibilities that lie ahead.
But what if we told you the only way to get as close as possible to your desired outcome is to get proactive about your succession plan? To openly talk about the future with the people who matter and begin the planning process early?
In our most recent blog on succession planning called Succession Planning: An Introduction, we dived into why succession planning is important, the process behind it and the benefits of having one in place, as well as a concept called fair versus equal.
In this article, we’ll focus on what it really means to prepare for the future, as well as how our program Farm Business Success helps farmers just like you.
Succession planning is an important part of any farm business plan, but it’s especially important when it comes to planning for the future and the continuity of your farm business.
Determining what your farm will look like 10 years from now involves a lot of forward-thinking. You might ask yourself questions like:
Big questions like these can’t be answered on the spot. Often, you’ll need to give yourself time to contemplate, have conversations, and then plan.
This is why you’ll often hear us say how important it is to take a step back from your farm so that you can work on the farm business, or as Matt likes to put it, stop working IN your farm so you can work ON your farm.
David J. Goeller wrote in his paper Farm Transition… A three-legged stool, that a good succession plan looks a lot like a three-legged stool. It involves:
Planning for the future requires a proactive approach. Succession planning, when done right, can:
But putting plans like this together can be difficult without the help of experts, and that’s where our Farm Business Success program comes in.
Designed to help you achieve family and business harmony through clarity, profitability, and financial security, the Farm Business Success Program focuses on the long-term goals and strategy that will impact your farm for generations to come.
We work side-by-side with you, listening to your needs and wants and using them as a guide to secure the best outcome for your farm and your family.
Led by Matt Meehan, Farm Business Success offers personalised financial solutions and expert advice to navigate every aspect of:
From legal requirements to strategic planning and implementation, we’re here to support you. With the right plan in place, you can confidently answer the question: who will own your farm in 10 years? Secure your farm’s future today by visiting our Farm Business Success page or booking a call with Matt.
We are pleased to advise that Lifesolver has merged with Advisory Partner and Practical Systems. Through this new group, we are able to strengthen our focus on rural people and businesses, with excellent local service (and offices).
From conducting market research to setting goals and projecting your finances, creating a profitable farm business plan might be just the thing you’re missing when trying to stay on track and plan for the future of your farm.
Whether you’re interested in cropping, livestock, or any other farming venture, this guide is designed to provide you with the knowledge and skills you’ll need to create a clear business plan for your farm. Let’s get started!
As the age-old adage goes, “Those who fail to plan, plan to fail.” This rings especially true in the realm of farming. Without a clear roadmap, achieving success can feel like you’re aiming at a moving target, but you what should you include in your farm business plan? That’s where we come into play with our guide to the 8 things to include in your farm business plan.
Who will own your farm in 10 years?
Designed to make you stop and think, this question instantly conjures images of the future and the possibilities that lie ahead. But what if we told you the only way to get as close as possible to your desired outcome is to get proactive about your succession plan?
An Introduction to Farm Succession Planning | In this guide, we’ll introduce you to the essentials of farm succession planning, helping you chart a course that preserves your legacy, focuses on family harmony, and ensures a smooth transition of farm ownership and management from one generation to the next.
