During the farm succession process, it is common for the “owner” generation and the “successor” generation to discuss the transfer of assets. However, a conversation about the transfer of management is often overlooked.

Once upon a time, there were two retired dairy farmers.

Many farms inquire if there is an easy how-to book or checklist that will guarantee a successful family farm transition. The answer is: no. How about an easy way you can sit down in an afternoon and complete your transition plan?

About 12 years ago, a guy named Jack called me up and, although no one in his family knew it, he had terminal cancer. Succession planning had suddenly become a priority, and he didn’t know what to do.

Do you want to work forever? While some say yes to this question, others envision a day when they can look back on the success of their careers, and look ahead to fulfilling their lives’ other dreams, knowing they’ve left their business in capable hands, securing their investment for generations to come.

“Succession planning would be considerably less difficult if the long-term stability of the agricultural industry was more predictable. Given the current hurdles, long-term profitability is very uncertain. I do not wish to transfer an operation which has a low chance to succeed,” wrote a farm survey respondent recently.