Succession planning for farm and ranch businesses has been a popular topic for news stories and meeting workshops during recent years. No one likes to plan for or to talk about his or her own demise, but as primary operators in our agricultural communities become older, these discussions are necessary.
We often hear of operations lost due to the passing of parents and failure to properly plan for succession or tax burdens. If planning has taken place, failure to communicate those plans can be disastrous.
For younger generations, approaching these conversations with Mom and Dad can be an uncomfortable and daunting task. Older generations may not be prepared to pass along management of the operation, and younger generations do not want to appear as if they’re trying to take away control.
However, if these conversations are not held, the passing of a parent or primary owner can result in the loss of an operation, or at the very least, a mess for surviving relatives.
Workshops and articles on succession planning are often directed at older generations who are at the helm of business operations and succession planning. Nevertheless, there are a few tools younger generations can bring to the table to be more prepared for these conversations.
Visit my column on Successful Farming to discover Succession Planning Tools For Younger Generations including:
- You are not the first generation to go through this.
- Fair is not always equal, and equal is not always fair.
- Power of attorney is an unfortunate, but necessary, designation.
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