Succession planning is a vital part of family business continuity. Choosing a successor and setting a plan in motion can help guarantee that the business is sustainable from generation to generation.
The Purdue Extension Succession Planning Team provides resources and information for families planning the transfer of the farm to the next generation. The team cultivates strong Indiana farm families through events such as Regional Workshops, Introduction to Succession Planning Presentations, and Farm Family Visits. Visit their page to learn more!
Alan Miller and Craig Dobbins
Keywords: succession planning, action plan
This article is a practical step-by-step checklist for family business owners to decide where they are in succession planning process. The checklist also gives an action plan of what business owners need to do along with helping to identify any gaps in the planning. Steps included are: gather information and ideas and discover expectations, generate and examine/evaluate options, make preliminary decisions and check with experts, decide on a plan and develop the plan, and implement the plan.