Choosing the right successor for your operation requires a lot of planning – sometimes years of planning. Succession planning expert Dr. John Fast shares stories and wisdom on this all-too-common topic. He explains why it’s so tough for a person who’s been farming for a lifetime to hand over a business they so closely identify with.
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- Making a healthy transition seems more difficult for men. John Fast explains one of the reasons is because studies have shown men can be more resistant to change than women.
- Succession planning can be a very emotional issue because it feels like it’s the first step of giving up a life’s worth of work.
- To help ease the difficulty of transferring the farm, some have had success using professional hiring methods to choose which son or daughter is the best fit.
- If somebody in the family gets married, tension can come up when the new spouse tries joining the business. Communication is an important part of making them feel welcome.