Farm Inventory of Assets
A key part of farm succession planning is the evaluation of existing or available assets. Assets include physical items such as feed, tools and machinery, land and facilities, and cattle. This category also includes available commodity markets and the environmental conditions of the farm and community. Human assets including labor availability, business management skills and established relationships are also part of this category. For the most part, these assets combine to form the “equity” from which to build or expand the business.