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.

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?

Winter weather which includes cold temperatures, ice and snow can lead to some additional hazards when completing your regular tasks at work – because of this, you must take extra precautions this time of year.

By focusing on key factors that can influence your herd lifetime productivity and taking a holistic view of your farms, you can identify opportunities to maximize your herd efficiency and the long-term sustainability of your operation.

For a producer, determining whether to introduce a new solution into their operation is an important decision. So it is critical to develop innovations with the herd in mind. As dairy management varies around the world, carrying out validation research on Canadian dairy farms is a critical step in solution development.

Working together, the family was able to have discussions about how the farm could utilize its cash flow to find a combination of saving, borrowing, insuring and gifting assets to nonfarming children at the optimal times to have maximum impact on their lives while also having a minimal impact on farm operations.

It is time to stop guessing what everyone thinks, feels, wants and needs. Explore what stories your grandparents, parents and siblings are telling themselves about the future and transition of wealth on your farm. Ask Grandpa or Mom, “I’m just curious, what is the story you are telling yourself? Is this a scarcity mindset issue? How much is enough? Would you ask for the help of a financial planner to give you more financial security and certainty for your income streams as you age in place on this farm?”

Many farming arrangements rest on handshake deals, wherein two people essentially trust in one another’s word. When stakes are fairly low and flexibility is paramount, unwritten handshake deals can be a helpful tool. However, when farmers are investing money, time and other resources of considerable value in a farm operation, reliance on a handshake can sometimes prove to be a costly error.

If you or someone in your farm family is getting married soon or considering marriage in the future, having the prenuptial conversation can be helpful in providing peace of mind and legal protection if the marriage does not go as planned later down the road.