Agricultural Economics, Department of
Cornhusker Economics
Date of this Version
2013
Document Type
Newsletter Issue
Citation
Cornhusker Economics (October 9, 2013)
Abstract
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.
COinS
Comments
Published by University of Nebraska–Lincoln Extension, Institute of Agriculture & Natural Resources, Department of Agricultural Economics. Copyright © [2013] Board of Regents, University of Nebraska. http://agecon.unl.edu/cornhuskereconomics