How the next generation can beat transition odds
Only three percent of farming families successfully transition the farm over to the next generation. At an FCC Young Farmer Summit, Dr. Tom Deans, Intergenerational wealth transfer expert, explains why and how to have the conversations and set expectations to overcome any transition obstacles.
Highlights
Next gen needs to accelerate and lead the transition conversation
Next gen should buy shares at full market value
Gifting the farm can limit the next gen’s ability to innovate and make decisions
Start transition slow and build one share at a time
From cash flow planning to net worth statements, get the basics you need to prepare for a loan application.
Transition looks different for every family. Use our planning tool to help you identify where you are in the process and what to do next.