Essential to managing any investment is having a good plan. Developing a good plan includes ...
- Completing an analysis of the property.
This includes locating and mapping the land, obtaining volume estimates of the timber, analyzing road access, topography, soil conditions, availability of markets and even wildlife populations. Added to that is historical information, current ownership profiles, legal and regulatory restrictions, and tax information.
- Getting a clear undertanding of the client's objectives.
Understanding the client's goals, whether it be maximizing returns, generating income, increasing wildlife populations, or protecting the property for heirs, is essential to any management plan.
- Identifying the steps necessary to accomplish the client's objectives.
Every plan is a balance between what is wanted and what is possible.
- Adjusting the plan over time.
Changes in the client's objectives, the market, the economy, and a host of other relevant factors will obviously mean changes in the plan will be necessary.