Farm Succession is a Process Not an Event
That’s right, farm succession is not an event, like going to the Dentist’s office – something you probably do only when you have a tooth ache that has beaten out your usual remedies. Farm succession should be more of a life style. It should start early, is adjusted often, and be constantly in focus.
Needless to say farm succession is typically about developing leaders and managers from within your immediate family to own and run the farm in the future. That may not be your situation though. You may have a nephew or neighbor who will fill the role of your successor.
My comments are still valid – the matters of ownership transfer should be taken up with your professional advisors.
Recommended Reading
- Financial Retirement Planning, A First Look
- Life After Farming: Economic Security for the Senior Generation
- Preparing the Generations for Estate and Farm Succession Planning
- Getting Started- Why Estate Planning is Important
- Preview Estate and Farm Succession Planning
- Succession Planning Blueprint (ebook)
