PROGRAM OBJECTIVE: A farm family must create and then formalize a clear vision for the future of their family farm, especially when passing on the farm to the next farming generation in order that their legacy of faming farming continues into the future. This vision must be adopted by all family members involved and used as the starting point to begin mapping out a specific succession plan to accomplish a successful transition of farm ownership in order to preserve a farming legacy for future generations of family farmers.
The entire process for mapping out a succession plan to transfer the eventual ownership of a family farm between generations can be an overwhelming task. There are no short cuts and/or easy solutions to this process. This presentation will provide a planning framework as well as share guidelines to help farm families in developing/implementing a successful succession plan that continues their farming legacy. Where and how does a family even start? How do you resolve possible disagreements between some family members and reach a positive outcome? Who makes the final decisions? Can you be fair to everyone involved? What if family members are not willing to communicate with each other? How do you keep sibling jealousies from taking over and thus preventing good decision making? This presentation will outline the six necessary steps to achieve the implementation of a successful succession plan as well as share ideas which create family harmony and build stronger relationships throughout this succession planning process.