Transitioning your farm to the next generation is more than just managing the income taxes and transferring machinery, and it's not simply about handing everything over and hoping for the best. The questions of "how" and "when" aren't always simple to answer.
As the farm's current leader, it's vital that you determine as soon as possible whom you'd like to run things once you've retired, and start working on instilling important leadership principles immediately. Chances are that person is not yet prepared to take over, and your transition plan may be several years out yet, but it's imperative to begin preparing your transition timeline now.
Director Jason Ladman shares some insights to inspire you and your transition team get the ball rolling on a successful farm transition.