Picture it. Everyone’s home on the family farm for that special birthday, Christmas or wedding. Kids are playing underfoot and the good times are flowing - and then someone utters two words that can change the mood like no other. Succession. Planning.
Sowing? Check. Harvest? Check. Transition planning? Crickets. While it’s a crucial part of your farm’s operation, transition planning is often left off the checklist. As farm asset values continue to rise, striking the balance between compensating family members who work on the farm with those who don’t is crucial.
Owning and managing a family business can be complicated because you have the added difficulty of managing family members with the day-to-day operations. However, it’s equally a rewarding opportunity when a family work together to build a business.
Stuck. That’s how most of our clients describe starting a succession planning conversation with the rest of the family. Succession planning is an emotional topic with each generation coming at it from a different perspective which can make it difficult to get the process of planning started.
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