At the mention of the words “Succession Planning”, many different emotions may arise.
For some, it can be a confusing and difficult time. For others, a more enjoyable experience, an opportunity to help the next generation grow and develop.
A good succession plan is a bit like a road map with many roads that get you to your chosen destination.
Some of the roads are unsealed and bumpy while others are smooth or sealed making the journey much easier.
As most succession plans involve intergenerational parties, ensuring that you are all heading to the same destination is important. Often communication can be one the largest barriers in planning as different generations communicate in different ways. The use of an outside facilitator, a bit like a Navman, can help keep all parties communicating freely and the journey on the right road.
Like a roadmap, succession plans often need updating as you travel along the journey. The road you start out on today may not end up being the best road in the future. Keeping the succession plan as a living map or document helps all parties be fluid and move as individual circumstances or needs change.
When traveling we often plan how long it will take us to get from point A to B.
Many good plans have come undone by a failure to seek professional advice. As legislation changes, professional advice can help you stay on the smooth, sealed roads and avoid any bumps and potholes.
In the end, we all want to survive the journey and ensure we all end up at the same destination.
Like all good plans, communication is critical.
The use of experts can help navigate through the difficult terrain of legislation and tax implications and ensuring the process is open, honest and adaptive will help keep everyone on the same road. Travel safely.
This article first appeared in Farm Weekly.
How can RSM help?
If you need further assistance regarding developing a succession plan, please do not hesitate to get in contact with your local RSM Agribusiness expert