To achieve a level of comfort around accepting the financial position imposed by any proposed plan, farm successors need to know exactly how addressing the identified wants of an exiting generation will impact their future viability.
There is a lot of good to be achieved when succession planning is taken on proactively and within a structured process. Having wholesome conversations that discover the objectives and desires of all involved and dealing with challenging decisions without delay makes the process much easier and rewarding for all.
By failing to commence a transition, farming families could not only miss out on the business advantages that come from nurturing and developing another level of management autonomy, but also run the risk of missing out on real financial opportunities that have the potential to deliver a significantly enhanced the outcome for all.
Take the pain out of managing your family’s finances. Taking care of household finances can be taxing, especially if you have a big family. But with proper planning and budgeting, there’s no need to stress. Here are some tips to help you effectively manage your household finances.