Never underestimate the power of establishing clear expectations and accountability. It may take a little extra time in the beginning, but it will save you a lot of time and heartache in the long run.

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

One of the key fears of aging farm founders is the conflict they anticipate when the farming heir has access to millions of dollars of land and the siblings who are off to other careers do not have the same net worth opportunity in their future. Or do they?

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.

Farm succession planning is a critical topic that often gets brushed under the rug due to a variety of emotional and practical reasons. Families and farmowners may avoid discussing succession because of deeply rooted values, fear of mortality and the uncertainty of what lies ahead.