11/06/2017 08:57 AM
As farm operations become more complex and the economy continues to challenge healthy financial performance, it’s more important than ever to talk about the generational longevity of your operation. Use these tips to begin the succession discussion with your family and stakeholders sooner rather than later.
Keep the endgame in mind. The first step is to be clear about what you want your transition to look like. Do you want to continue working on the operation? What role do you see yourself playing?
Retirement is oftentimes viewed as the date when you turn in the keys to your tractor. For most farmers and business owners, succession is a lot easier to talk about when “retirement” is eliminated from the vocabulary and “transition” is inserted. That transition can come in the form of mentoring, help during busy times or any number of operational duties. This shift in thinking about the future often allows decision makers to make way for future leaders more easily.