Choosing the right successor in a farm transition
Finding the right successor in a family farm transition, takes major planning and sometimes years of negotiation. Succession planning expert Dr. John Fast shares stories and wisdom on this all-too-common topic and why it’s so hard to hand over a business you’ve put your whole life into.
- Men are more resistant to change, making transition more difficult for them
- Farm succession is very emotional because it’s first step of giving up life’s work
- Professional hiring methods can diffuse tension of choosing between children
- Communication and clear expectations key when a new spouse joins family operation