The Rural Voice, 2005-01, Page 21Some tough questions have to
then be asked. Is there a potential
successor? If yes, does he or she
have the skills, abilities, knowledge
and desire to successfully operate a
sophisticated farm business .in
today's agricultural economy? If
there is no successor, what are the
options? Is harvesting the business
(selling part or all of the farm assets)
an option? How long does the current
operator(s) want to continue running
the business? Only the individual(s)
involved can answer these questions.
Coughler presents some do's
and don'ts to help start the
thought -process.
Do's:
• Do think of succession planning
as a process rather than an event. It
takes time and effort.
• Do start planning now. The earlier
planning begins, the greater the
number of options.
• Do keep the big picture in mind
(long-term, strategic direction) along
with a positive attitude. These can
make all the difference.
Keep the big picture
in mind
• Do a financial analysis of the past
and present farm business along with
some financial projections. Look
seriously at profitability. If the farm
is not making money now, what can
be done to make it profitable? Is the
farm business viable in the long run?
Profitability is the "show stopper"
when it comes to developing a
succession plan.
• Do become educated about the
subject — participate in workshops
and seminars, read articles, complete
self-assessment questionnaires
related to succession — become an
active participant in the planning
process.
• Do consider using a "family
meeting" mechanism to open the
lines of communication among
family members. An objective, third
party facilitator can help ensure that
the initial meetings run well and
everyone has an opportunity to voice
their interests and concerns.
• Do develop a strategic plan for
both the family and for the business
at the start of the process. This plan
includes a Tong -term vision of what
oyter &
ssociates=
Over 15 years of experience helping the
farming community with:
Converting to computerized accounting
Training in QuickBooks
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CAIS Applications
CFBAS Applications
(wenn Ilayter, CMA, CFP
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Investment Counseling
Financial Planning
F'tate Planning
Gayle Poore
Phone: (519) 482-5840 Fax: (519) 482-5627
320 Victoria Street, Clinton, Ontario NOM ILO
Email: general@hayter.on.ca
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JANUARY 2005 17