Farm&Family

Does your succession plan work for both?

When you take a step back and look at everything you have worked so hard to build – your legacy – you never want to leave anything to chance. With succession planning there are many questions that need to be answered. Important questions that ensure you transition your farm on your terms.

Getting a clear picture of your own situation is important, and taking the TransitionSMART™ Assessment is a fast and easy way to begin answering your questions.

Objectives

Have you identified your successors?

Yes

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Structure

Do you understand the key ownership structures (proprietorship, partnership, company, joint venture) and how these options factor into the transition plan?

Yes

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Emergency & Estate Planning

Do you have a written Will and do you know how you are going to treat non-farming children?

Yes

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Farm Business Planning

Do you know when you intend to transition the management of the farm and are your successors aware of this timeline?

Yes

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Do you know if the business can support the financial needs of both the outgoing and incoming generations?

Yes

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Do you have a long-term strategic plan for the farm?

Yes

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Transition Planning

Are you confident that your chosen successor(s) have the skills necessary to run the farm business?

Yes

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Have you assessed your future income needs and do you know where this income will come from?

Yes

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Have all family members been involved in the planning process?

Yes

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Do you understand how you will transition ownership of the farm assets?

Yes

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Tax Planning

Does your current business plan reflect your transition goals so you can make strategic decisions for the future with confidence?

Yes

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Information

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Transition on your terms.

At MNP, we understand the importance of having control of your succession plan. But, it also needs to work for both your farm and family. Leveraging nearly 60 years of business succession experience, MNP is here to help. We answer all your questions and take into account every aspect so that you can go from uncertainty to certainty, ensuring you transition on your terms.

Learn more about MNP's Succession Services