If you own a farm or farmland one of the most important decisions you will make is what will happen to that land when you are no longer able to farm it. Having a transition plan is important and the time to start the plan is now! Well before you intend to need it.
What is a transition plan? A transition plan is a written plan that documents the steps you will take to transition your transition to the next generation. Your plan will document who is involved (farm and non-farm heirs), the inventory of resources that will be transferred, your step by step plans to transfer management, ownership, income and labor, what retirement will look like for the owner generation and the preparations for an estate plan.
A new website, AgTransitions, helps farmers develop a plan to transition their business to the next generation. From this site you will gain information on how to:
* Develop your own transition plan
* Learn what you need to include in your plan with Tips & Resources
* Stimulate multi-generational discussions
* Share your plan with family members and your transition team
* Interact with Reviewers — your business advisors, educators, or consultants — for feedback and assistance
