Transitioning the farm to the next generation is a natural process. Yet, it can be challenging to have conversations about what happens next – especially if the current owners and the next generation aren't on the same page.

Succession planning is about owning your future and controlling your farm’s destiny. In a recent panel discussion at the “Own Your Future Forum” hosted by the Professional Dairy Managers of Pennsylvania (PDMP) and Center for Dairy Excellence, five panelists from all sectors of the industry had a candid conversation about taking control of the future.

Unfortunately, there is no magic recipe that will guarantee the preservation of your family relationships and the perpetuation of the dairy. There are, however, five key ingredients that if not planned for will almost assuredly lead to blackened heartache, tasteless family dynamics and burned chances of the dairy succeeding generationally.

There’s a significant difference between a succession plan and an estate plan.

For a lot of farm families, the in-laws quickly become the outlaws due to factors you’d never consider.

After a decade of sorting out the direst farm succession and farm debt cases, I have found that dysfunctional in-law relationships are often a key underlying ingredient to these problems. Really good families are hit by landmines of the in-law kind, and everything explodes. If these families knew what those landmines were before they stepped into them, they would have been able to avoid them.

Nearly 750 dairy producers and industry representatives gathered in Denver, Colorado, on Oct. 24-26 to learn the latest updates about dairy policy, exports, dairy checkoff, economics and more at the National Milk Producers Federation (NMPF), United Dairy Industry Association (UDIA) and National Dairy Board (NDB) annual meeting.

Having a clear understanding of debt, whether long-term or short-term, fixed or variable, can help develop a strategy.