Comprehensive Succession Plan

As you near retirement, you probably want to start considering your succession plan. There are four elements of a comprehensive succession plan:

• Financial Security
• Ownership Transition
• Estate Planning
• Leadership development

Start with an accurate assessment of financial needs and capital resources, and then weigh each option against whether you can afford the option with that assessment. Analyzing the financial security will reveal how all the aspects of the plan are interrelated.

Even after the plan is made, it is important to annually review the plan. Changes such as births, deaths, and buying or selling assets create a need for immediate updates.

See Jeanne Bernick, A Retirement Plan You Can Bank On, AgWeb, July 5, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.