NB Succession Guide
Transition planning is the process of planning to transfer the ownership (capital), management, and operations (labour) of an agribusiness to a child(ren), relative or other successor. Transition planning is not a single event and cannot be completed in a handful of meetings with advisors. Rather, it is a process that should be thought of as business continuity planning. Expect to invest six months to a year or more in planning for transition.
If you are thinking about transition planning, this Guide is for you! Whether you are a farm family/ agribusiness owner intending to work through transition independently, or a business advisor/consultant hired to assist in the development of a transition plan, this Guide will help you through the necessary steps to successful transition.
This Guide breaks transition planning into three phases:
- Readiness assessment,
- Plan development, and
- Plan implementation