Everything farmers have faced in 2020 has highlighted the importance of strong succession and contingency planning, and one longtime Extension economist offered some tips this week to take on a few of the most critical components of the process from successor development to planning the exit of the current primary business owner and manager. The process starts with a thorough evaluation of your industry to get a feel for how things like general consolidation trends and regulations are influencing your competitive environment, according to Texas A&M University professor emeritus and Extension economist Danny Klinefelter. Then, transition into a similar evaluation of the business itself; what are your strengths and weaknesses? How can you capitalize on the former and minimize the latter in your business transition? Answering questions like these will help you better develop a feasible business plan for your farm’s successor moving forward. See all 10 tips here.
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