What happens when “this will never happen” suddenly does happen? Few farming operations survive an unexpected change to the ownership and/or the management structure of their farm business, let alone a crisis situation within the family itself. Some families avoid discussing the real life “what if” issues such as unexpected death, sudden illness or a farming accident, family legal disputes, as well as financial struggles that might jeopardize the future of their farming operation. Family members often pretend this could never happen to our farm. But what if it does happen? What might now happen next? Being prepared with a contingency plan enables a farming business to survive a potential shark attack (unexpected change) while remaining profitable and continue to prosper for future generations.
Farm families must embrace the importance of developing as well as implementing a business contingency planning process to achieve a successful farm succession plan so that their farming operation remains in the family for future generations. No one wants to be in the Shark Tank and be faced with a stressful situation if and when the unexpected happens. This program will help farm families to find needed answers as well as solutions. Initiating a business contingency plan is an effective management strategy for success in case a sudden unexpected change (shark attack) happens to the farm or family or even both at once.
1. Identifying the WHAT IF family issues which often become challenges to the contingency planning process for farm ownership succession. Finding solutions and avoiding the road blocks which prevent a farm from passing onto to the next generation.
2. Creating a strategy for success which keeps the farm in family and young farmers on the farm so that a farming legacy and family heritage continues into the future.
3. Implementing a contingency plan for the unexpected happenings within a family and/or the farming operation. What if a shark attack (unexpected change) actually happens? What might happen next? Using a contingency planning process as a business tool for risk management for farm ownership succession to be better prepare farm families for the agricultural uncertainties of farming and to foster better lines of communication to help avoid potential family disputes.
4. Adopting a four step planning sequence process to accomplish a succession plan that continues a family farming legacy. Identify the planning resources and business management tools needed. Putting ideas into practice and then taking action to finalize a plan for ownership transition to the next generation. Learning how to survive unexpected changes with success by being prepared with a documented and discussed plan.
5. Finding a balance for parents between helping the next younger generation to transition and eventually take over their family farming operation while protecting the farm’s financial assets for their retirement and financial security.