Farm families must identify as well as embrace a vision for passing on their farm to the next generation to achieve a successful transition of ownership and management control so that their legacy will continue into the future.
Most farm families fully realize the importance and need for farm succession planning, but very few farm families actually have a succession plan in place for the next generation? The meaningful question is why does this planning process fail to happen?
It is never too early for farm family members to begin a succession planning process for their farm. Most often farm families make the mistake of waiting until it is too late and now nothing can be done to put a plan in place that preserves their farm for future generations.
The unexpected happens most often when you least expect it. If something happened to your farming operation and/or to a family member today, does everyone already know and understand what will happen tomorrow? Without a farm ownership succession plan, what might now happen next? Can your farm family afford that risk?
The entire process of developing as well as implementing a farm succession plan can appear overwhelming. Be sure to avoid the succession planning road blocks which result in nothing being done or accomplished to preserve a family farming legacy for the next generation. The secret to farm succession planning is learning how to overcome these potential challenges to achieve success for keeping your farm in the family and keeping family members on their farm for future generations.
Farm succession planning requires open and honest communications between all farm family members involved. Can your farm family effectively communicate as well as resolve potential conflicts in a positive manner? Are family members willing to share their personal feelings with each other?
Celebrate the success of implementing a farm ownership succession plan that keeps your farm in the family as well as appreciate the peace of mind that your farming legacy will now continue for future family generations. Use farm succession planning as a tool to build stronger family relationships and to create family harmony.
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