Skip to main content

How the next generation can beat transition odds

  • 3 min watch

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