Top Tips to Start Succession
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This document provides tips for starting the succession planning process for a business or farm. It emphasizes the importance of succession planning to transfer a business, build a legacy, support family, and prepare for challenges. Key tips include starting the planning process early, dismissing preconceived notions, selecting an expert team, clarifying dreams and goals, developing skills, considering fairness versus equality, and ensuring the plan is implemented instead of left on a shelf. Succession is portrayed as an ongoing process like a river that requires ongoing management.
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Top Tips to Start Succession
- 1. Top Tips to Start Succession
- 2. Thank You! 2
- 3. 3 Who am I? Farm Kid Banker Coach Friend Dancer Aggie!
- 4. 4 WHY? - Transfer of a business - Build Legacy - Family - Its Difficult - Know what lies ahead - Set expectations
- 5. 5 HOW?
- 6. 6
- 7. When is the best time to Start Planning? 7
- 8. 8 Its NOT all Old Macdonald!
- 9. 9 No Preconceived Ideas - Business Model - Family Dynamics - Financial
- 11. 11 Pick a Good Team and Keep Them Close - Banker (Lending) - Accountant - Lawyer - Coach - Financial Planner - Counsellor - Others?
- 14. Where Do You Start?
- 15. Succession is More than Saving Tax! 15
- 16. 16 We all have Dreams¡ What does the future look like? Have the ideas been shared? Who are the decision makers?
- 17. Do you have the skills? 17 Entitlement vs. Employment Physical Requirements Intelligence Emotional Strength Connections If you applied would you be hired?
- 18. 18 What do you need? - Financial management - Problem solving - Networking - Communication - Planning - Self awareness - And¡ 18
- 19. What¡¯s Fair is Not always Equal 19 ? What is Fair ? Financially Viable ? Sweat Equity ? Succession vs. Estate Planning ? Importance of Communication
- 20. Contingency- Helping when the unexpected happens
- 21. Peace of Mind
- 23. Don¡¯t let it sit on a Shelf¡
- 25. 25 Succession is like a River It never stops It can be shallow and calm It can be fierce flowing It is hard to paddle against It can break its banks It can take unexpected turns But its an amazing powerful thing!
- 26. Top Tips 26 Decide Your In Dismiss the Myths Pick a Team Dream Big Plan Ahead Build your Skills Set Know the Players Know when is enough good enough Don¡¯t leave it on a shelf
- 27. Who to call! 27 Dwayne Zwep 519-826-3013 Dwayne.zwep@fcc-fac.ca Katie Cheesmond 226-820-2323 Katie.cheesmond@rlb.ca