Transition Planning: 12 Steps to Keep the Family Farming
While many family-owned businesses have the long-term objective of “passing the business on to the next generation,” this is not an easy process. A great deal of planning, preparation, and communication is needed in order to accomplish the feat of moving the business from one generation to the next. The aspirations of both generations need to be addressed along with the financial feasibility of the operation supporting all involved. This publication outlines 12 steps that can increase the possibility of a successful transition.