Most of us are in various stages of denial about the fact we are getting older. As time marches along, things change and the business you start may deserve to continue even if you are unable to. If a plan is in place that identifies key elements of succession and procedures to implement a plan, the possibilities are endless. Consider how you might exit the business. Think about the sort of person(s) you would like carrying on your dream. Consider your business from a legacy standpoint and then find the assistance necessary to put these considerations to paper. There is help available.
Iowa State University Beginning Farmer Center
The Beginning Farmer Center (BFC) offers an elemental range of services that can assist in creating succession plans. At the center they like to look out across perhaps ten years or more with you. This gives your plan a chance to mature and meld into emerging realities over time.
One important aspect is an overall analysis of your business and desires. This affords a third party objective look at your realities and can be very important as a first step in determining the next steps.
At the BFC they offer individual consultations and can bring tools and seminars to help you become versed in the things that might work in your situation. The individual service allows this process to develop at a very personal level and in a way that deals with realities, not abstractions.
The BFC can also direct you to possible loan funds and other programs to aid the next generation in making the transition with you.
Check out the programs at: http://www.extension.iastate.edu/bfc/programs.html#Farm%20On
Or call: 1.877.BFC.1999
Ohio Center for Employee Ownership
Other resources exist. The Ohio Center for Employee Ownership specializes in all things succession. One method is the employee buyout. This can be accomplished in a sudden way or it can be done over time through employee purchases of stock or accumulation of options.
The planning itself is not difficult be getting started is. To know where to begin we suggest the publication, “An Owner’s Guide to Business Succession Planning.” This is available for a small fee.
Phone for the Center is: 330.672.3028
Website is: http://dept.kent.edu/oeoc/
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