Business Transitions:
Establishing Your Team
Your best resources for advice about business transitions are people you know and trust — your accountant, financial adviser, estate-planning attorney, banker and insurance agent. Your business transition team can help you build a business transition plan that uniquely fits your situation.
Checklist for Successful Business Transitions
This checklist of basic business transitions steps can help you work toward building and managing a successful business transitions plan:
- Determine who will control the business in the future.
- Assemble your business transitions team.
- Set goals and objectives for your farm or business transition.
- Evaluate your current business situation and assets, and begin to prepare the business for transition.
- Implement or update important documents.
- Update your business transition plan as your circumstances change.
Next Steps
For details about each of these steps, download the Farm Bureau Financial Services Strategies for Business Transitions brochure.
To learn more about business transitions, find an agent near you.
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