START UP: YOUR SUCCESSION PLAN
Develop your succession plan
Transition planning is not a single event and cannot be completed in a handful of meetings with advisors. Rather, it is a process that should be thought of as business continuity planning. Expect to invest six months to a year or more in planning for transition.
For transition to be successful, a business must be healthy heading into transition planning, remain healthy throughout the planning process, and emerge at the end of transition as strong as or stronger than when the process started. In order to achieve healthy and effective transition, a transition plan needs to complement the strategic direction of your business. Often, families working on their transition plans overlook this critical piece.
If you are thinking about transition planning, this Guide is for you! Whether you are a farm family / agribusiness owner intending to work through transition independently, or a business advisor /consultant hired to assist in the development of a transition plan, this Guide will help you through the necessary steps to successful transition.
This Guide breaks transition planning into three phases: readiness assessment, plan development, and plan implementation.
Click here to access the guide.
*This guide adapted from the Alberta and Manitoba versions would not have been made possible without funding from the Canadian Agriculture Partnership Framework.