A Vital Part Of Business Succession Planning, Financial Retirement Planning
Some farmers retire once they see the farm financially stable enough to support all their needs and those of the next generation.
Some will consider how much they have in off-farm investments before they are ready for retirement.
From our experience money matters play a vital role in the senior generation’s willingness to retire and allow the farm’s succession to the next generation to proceed.
To become financially secure enough before retirement so you’re willing to retire is one part of the equation.
What are the others?
Now that you are a member of our community you have access to Passing Down the Farm 2010, where you can learn more about the importance of assuring the financial security of the senior generation on your farm, if you expect to successfully plan for your farm’s succession to the next generation.
The concept on financial retirement planning is not something that is fresh or new to the people’s ears.
It has been around for more than a decade now, and many successful retirees have considered financial retirement planning at some point in their lives.
Here s an article that will tell you a lot more about it, Financial Retirement Planning
Recommended Reading
- Family Farm Succession Planning
- Farm Success Nowadays Needs High-class Management Competencies
- Seriously, What Are You Actually Doing About Your Farm Succession Planning?
- Farm Success Nowadays Requires Excellent Management Competencies
- Farm Succession and Strategic Planning Group
