“Farm succession is a journey, not an event.” That’s the key message farm succession expert Len Davies has for farm families in the final episode of Agricultural Management Institute’s (AMI) new five-part video series.
In the earlier episodes, four farm families shared their personal insights on what made their farm succession plans work. In the final episode, Davis takes viewers through a three-step process he uses to guide families through farm succession. He calls it the ‘Three Es’ — Exploration, Evaluation and Execution.
“In Exploration, we’re looking at your personal and business goals and the strengths, weaknesses, opportunities and threats. Then we move on to Evaluation. There, we do a financial analysis of the business and parents retirement and we look at the different strategies to build the business. Finally, in Execution we’re looking at planning and preparation and estate planning. Once that’s complete, you can put the plan into action,” says Davies.
“Farm succession is a journey, not an event.”
“The final episode in the series really provides farmers with a road map they can follow to farm succession,” adds Ryan Koeslag, Executive Director of AMI. “When it comes to farm business management, succession is one of the most difficult tasks. This series will be a valuable resource for farmers who need to develop and execute succession plans.”
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