Tips for Family Farm Succession Planning
1. Make a Plan that outlines how the transition will take place and what responsibilities will be given to all involved parties.
2. Follow the Plan at All Times. If changing conditions create the need to amend the plan, make sure all involved parties are made aware of the new terms and conditions.
3. Prepare the Next Generation for leadership by encouraging them to gain personal and professional experiences outside the farm.
4. Communication is Key to executing the plan successfully. Regular meetings and/or correspondence ensures all concerned family members stay up to date on how the transition is coming along.
5. Seek Advice from professional advisors who can guide you through the ownership transition process. For instance, do you want the next generation to purchase your ownership in other assets such as facilities and equipment?