Plan the Future of Your Farm With Confidence
A practical roadmap to help you prepare for farm transition, organize the right information, and start planning for what comes next.
Built for farm families preparing for transition to the next generation.
Randy Wilson · May 27 · 4 min read
A successful farm transition starts with knowing where you want to go.
Every farm transition looks different. You may be preparing for retirement, bringing the next generation into management, or simply starting to think about the long-term future of your operation.
Whatever your timeline, starting early gives you more opportunity to make thoughtful decisions based on your goals, your family, and your farm’s financial picture.
01
Clarify your goals
02
Prepare the next generation
03
Understand your financial picture
04
Build a plan for what comes next
What’s inside the roadmap
Clarify your long-term goals for the farm
Think through what you want your operation to look like five, ten, or even 50 years from now.
Review your current ownership structure
Understand how your farm is structured today and how that structure could shape your transition.
Choose and prepare your successor
Consider who will take over, when responsibilities should begin to shift, and what knowledge and training will help prepare them.
Organize your financial information
Gather the balance sheets, expenses, tax information, assets, liabilities, and other records that will help you make informed decisions.
Bring the right experts into the process
Identify the advisors who can help you evaluate your options and turn your goals into a transition plan.
Prepare for productive conversations
Think through how you’ll communicate your goals, questions, and plans with family members and others involved in the operation.
A practical starting point for your farm’s future
You don't need to have every detail figured out before you begin.
This roadmap gives you a checklist of important areas to consider, along with questions to help you think through your farm’s future.
Inside, you’ll find:
-
A practical succession planning checklist
-
Questions to help clarify your goals and next steps
-
Guidance for preparing and training a successor
-
Financial considerations to begin organizing
-
Key areas to discuss with your family and trusted advisors
.webp)
Prepare today for a smoother transition tomorrow
Thoughtful transition planning gives you time to prepare both your farm and the people who will carry it forward.
The roadmap covers three important areas that can help keep your planning moving:
-
Keep your plan on track: Transition planning can be easy to push down the list during busy seasons. Creating a process and working with trusted advisors can help you continue making progress over time.
-
Prepare your successor: Give the next generation opportunities to understand not only day-to-day operations, but also your farm’s processes, suppliers, finances, risks, and decision-making.
-
Plan with the financial picture in mind: Understanding your farm’s assets, liabilities, taxes, and financial performance can help you evaluate options and create a transition plan that works for your operation.
Put data behind your transition decisions
A transition plan isn't only about deciding what comes next. It's also about understanding what your farm needs to make that future possible.
The roadmap helps you begin thinking through questions like:
-
What income will you need after transition?
-
What assets do you want to retain?
-
How will you manage debt and potential tax liabilities?
-
What does your successor need to know about the farm's balance sheet and income statement?
-
When and how will your management role begin to change?
Start planning for what comes next
Whether transition is years away or already on your mind, starting now gives you more time to explore your options, prepare the next generation, and make decisions based on your farm's goals and financial picture.
Succession Planning Checklist + Data-Driven Transition Planning