Date of this Version
Cornhusker Economics (October 9, 2013)
Farm and Ranch transition planning can be described as a process that involves three equally indispensable parts:
Estate planning, which involves transition of the business’ assets.
Retirement planning, which involves transition of the business’ labor and management.
Business Transition/Succession planning process, which involves a comprehensive long-term business plan and an in depth outline of the timing regarding the transition of each part of the farming business.
An attempt to transition a business without adequate coordination of all three parts will likely result in a plan t hat will struggle to succeed.