Farming seems to be getting more complicated than in the past.

There's more technology and tools involved, and more at stake with the consolidation of family farms. The farm leader of the future will need to not only be skilled at agronomy, herd health and equipment-related decision-making, but also be able to manage in other areas like farm financials, employees and tax implications. How can the future farm leader prepare to lead the operation?

 

Questions for farm families to consider:

  • How are the day to day responsibilities shifting from the older generation to the younger generation?
  • What happens when there isn't a next generation that is interested in the farm?
  • What happens when only one child out of several shows interest in coming back to the farm?
  • How can the next generation be treated fairly?
  • Is there a timeline and a plan to allow for the next generation to begin making important business decisions?
  • Are we following through on the plans and the timelines we've created?

 

Our legacy advisors facilitate family conversations around what the future transition of ownership will look like - from the beginning, they listen to the thoughts and opinions of family members. Then we build a map that helps families transition the work and responsibility on the farm. When the time comes to pass the baton, the next generation is prepared to lead and manage - in all areas of the farming operation - because of the intentional training and gradual transition that's happened.

Water Street Solutions is experienced in developing the road map plan and laying the educational foundation that's going to be instrumental to the success of future farmers.

 

Learn more about succession planning for your family farm by contacting us.