Succession planning is a process during which a family plans for the transfer of knowledge, skills, labor, management, control and ownership of the farm/business between the owning (retiring) generation and the successor (next) generation. It involves the creation, preservation and ultimately the transfer of the farm/business assets in order to achieve personal, family and business goals.
Each family and each farm/business is unique and no single approach works for everyone. Although there are ingredients of each succession plan that are consistent, the real value of a business succession plan is dealing with the distinctive issues that are unique to each individual situation. Your mission should be to find a way to construct plans that fit your distinct goals.