5 Tips for Passing the Farm to the Next Generation

Some people say New Year’s resolutions are overrated because they don’t need a time of year to remind them to focus on their goals.

Here’s the thing though…setting intentions in the New Year is powerful.

Evidence shows you’re more likely to go after something you want at the start of the year. 

But some goals are harder than others to prioritize because they seem too daunting. If you’re thinking about how to pass the farm to the next generation, consider taking advantage of the new year’s momentum and start planning now.

Here are five tips to help you have successful farm transition conversations this year:

Have a Champion & Prioritize the Discussion 
Have someone at the farm who is dedicated to moving the process forward. Often, transition conversations are put on the back burner because people get too caught up in the day-to-day. 

Recognize Each Other’s Point of View
It’s common for family members and stakeholders to have different visions for the future. It’s important to listen and recognize each other’s point of view as valid, whether you agree or not.

Understand the Financial Picture
The next generation should have access to the finances for the best chance of success. In the absence of information, people often make wrong assumptions, which can prevent a successful transfer.

Write Down Your Rough Draft for Transition of Assets and Management
Write down your vision or ideas to ensure everyone is on the same page. This draft will help you finalize it with a professional.

Get Help as Needed from a Facilitator
A facilitator or mediator with experience in family coaching and succession planning can help create a sense of fairness, set the agenda at family meetings, ensure nothing is missed, and encourage reluctant participants to become more involved.

 

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