Succession Planning
ARTICLES
Setting exit goals and assessing financial readiness can help you make impactful decisions for your farm during the succession-planning process.
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Boertje Farms' journey from Dutch roots to overcoming cancer on the dairy
Hard work, determination and perseverance aid four generations of dairy producers on Boertje Farms in Visalia, California.
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Succession planning: Incentivizing the next generation of family farmers
Ideas for encouraging reluctant heirs to the family business include a solid business plan, financial support, profit-sharing plans, incentive bonuses tied to performance and/or milestones, developing an ownership transition plan, mentorship, educational/training opportunities and strategies for work-life balance.
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How to start awkward conversations
Begin the transition planning conversation by keeping it light. Ask to have an initial conversation about transition planning at some point in the future, and encourage others to speak up about their vision for a successful transition.
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Sometimes it takes a leap of faith
Developing an exit strategy when transitioning the farm to the next generation includes setting exit goals, assessing financial and mental readiness, identifying exiting owner type, selecting an exit option, understanding the value of this option and executing the exit strategy plan.
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Getting your partnership with the next generation off on the right foot
Tips to minimize conflict between family members when transitioning the business between generations or making other major business decisions.
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Create an effective conversation on farm transition
Change is difficult, whether it is a change in business or transitioning the business from one generation to the next. Develop a plan and effectively communicate between parties to avoid a failed transition.
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Don't let tough conversations get in the way of a successful farm transition
Mediators share tips to make discussions about transition planning easier.
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Easy ways to get your wills done
April is wills month, and the perfect time to get farm and family affairs in order.
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Own your future: Answers to some of the toughest succession planning questions
A candid discussion about planning for and going through farm transitions by a panel at a recent conference.
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