For those in agribusiness (and business in general), one of the greatest challenges is succession planning. At some point, each one of us will reach a stage where we want or need to retire or take a step back. However, if the right steps haven't been taken, handing the business over to the next generation can be disastrous for the business, the family, or both. Over the coming weeks, I'm going to share with you some of the things I have learned as I have helped families work through succession issues as an accountant and financial advisor. I always recommend to clients that they follow the following steps as they embark upon this stage, which I will unpack over the coming weeks:
- Know your business
- Know your family
- Consider the options
- Develop shared values and vision for the business
- Create a plan
- Execute the plan
Even if retirement may still be a bit further down the track, I encourage all business owners to think about what would happen to your business if because of health issues, you were unable to go to work tomorrow.