{"id":675,"date":"2019-06-19T12:00:04","date_gmt":"2019-06-19T19:00:04","guid":{"rendered":"http:\/\/www.uwagec.org\/aglegacy\/?p=675"},"modified":"2019-05-28T18:42:10","modified_gmt":"2019-05-29T01:42:10","slug":"do-you-have-a-succession-plan","status":"publish","type":"post","link":"https:\/\/www.uwagec.org\/aglegacy\/2019\/06\/19\/do-you-have-a-succession-plan\/","title":{"rendered":"Do You Have a Succession Plan?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"http:\/\/www.uwagec.org\/aglegacy\/wp-content\/uploads\/2019\/06\/2019_06_WhatIsYourPlan_how_INST.png\" alt=\"AgLegacy_IMAGE\" width=\"388\" height=\"388\"><\/p>\n<p>Most farmers and ranchers realize that a solid estate plan involves outside professionals. However, those professionals typically do not address day-to-day business management nor preparing the next generation to take over when the time comes.<\/p>\n<p>Where Do We Begin?<br \/>\nOne way to begin the process of transitioning is to start with three, basic questions, including: \u201cWhere are we?\u201d, \u201cWhere do we want to go?\u201d, and \u201cHow do we get there from here?\u201d<\/p>\n<p>Formalized Succession Plan<br \/>\nFollowing a formalized plan can help ensure that critical steps are not overlooked.<\/p>\n<p>Succession Plan Components<br \/>\nThe seven components of a complete plan include: 1. Executive Summary, 2. Business Overview, 3. Strategic Plan, 4. Retirement Plan, 5. Succession Planning Process, 6. Financial Plan, and 7. Contingency Plan.<\/p>\n<p>Strategic Plan<br \/>\nA solid strategic plan will address: 1. Values, 2. Vision Statement, 3. Mission statement, 4. SWOB analysis, 5. Strategic goals, 6. Implementation plan, and 7. Monitoring plan.<\/p>\n<p>Written Plan Segments<br \/>\nThe written plan can be broken into seven components: 1. Establish a timeline, 2. Establish a planning team, 3. Select the appropriate successor(s), 4. Develop a written plan, 5. Communicate the plan, 6. Plan for retirement, and 7. Enjoy the years ahead.<\/p>\n<p><em>#AGLEGACY.org #FarmSuccession #EstatePlanning<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most farmers and ranchers realize that a solid estate plan involves outside professionals. However, those professionals typically do not address day-to-day business management nor preparing the next generation to take over when the time comes. Where Do We Begin? One way to begin the process of transitioning is to start with three, basic questions, including: \u201cWhere are we?\u201d, \u201cWhere do we want to go?\u201d, and \u201cHow do we get there from here?\u201d Formalized Succession Plan Following a formalized plan can help ensure that critical steps are not overlooked. Succession Plan Components The seven components of a complete plan include: 1. Executive Summary, 2. Business Overview, 3. Strategic Plan, 4. Retirement Plan, 5. Succession Planning Process, 6. Financial Plan, and 7. Contingency Plan. Strategic Plan A solid strategic plan will address: 1. Values, 2. Vision Statement, 3. Mission statement, 4. SWOB analysis, 5. Strategic goals, 6. Implementation plan, and 7. Monitoring plan. Written Plan Segments The written plan can be broken into seven components: 1. Establish a timeline, 2. Establish a planning team, 3. Select the appropriate successor(s), 4. Develop a written plan, 5. Communicate the plan, 6. Plan for retirement, and 7. Enjoy the years ahead. #AGLEGACY.org #FarmSuccession #EstatePlanning<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","footnotes":""},"categories":[16],"tags":[],"class_list":["post-675","post","type-post","status-publish","format-standard","hentry","category-post"],"_links":{"self":[{"href":"https:\/\/www.uwagec.org\/aglegacy\/wp-json\/wp\/v2\/posts\/675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uwagec.org\/aglegacy\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uwagec.org\/aglegacy\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uwagec.org\/aglegacy\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uwagec.org\/aglegacy\/wp-json\/wp\/v2\/comments?post=675"}],"version-history":[{"count":1,"href":"https:\/\/www.uwagec.org\/aglegacy\/wp-json\/wp\/v2\/posts\/675\/revisions"}],"predecessor-version":[{"id":676,"href":"https:\/\/www.uwagec.org\/aglegacy\/wp-json\/wp\/v2\/posts\/675\/revisions\/676"}],"wp:attachment":[{"href":"https:\/\/www.uwagec.org\/aglegacy\/wp-json\/wp\/v2\/media?parent=675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uwagec.org\/aglegacy\/wp-json\/wp\/v2\/categories?post=675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uwagec.org\/aglegacy\/wp-json\/wp\/v2\/tags?post=675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}