For many farm and ranch families, creating a succession plan can feel like reaching the finish line of a long and challenging process.

Running a multigenerational family business is no small feat. Passing on a successful operation where multiple generations are motivated to work, take risks and raise their families is yet another feat. But each is possible, even highly likely, by following this blueprint for motivating the next generation.

If the story you tell yourself suggests it’s nobody’s business how you spend your money, ask yourself how you got there and why it has to be like that. I hope you would agree with me that the emotional factors around money affect the farm transition process.

The modern agriculture landscape often calls for a more strategic approach – one that may involve identifying and grooming a non-family successor.

Over time, the strength and size of unified family assets create a competitive advantage over the farms that fragment their assets with each generation. I don’t believe many people set out to erode family assets, but it often happens by falling into some of these transition planning traps.

It’s an exciting time when the next generation determines that they are going to pursue a career on the farm.