How formalized succession plans for two family farms and mentoring to lead, grow and prosper resulted in successful transitions.
Respect, open communication and realistic planning can help you and your farm children work together effectively and learn from each other.
The Smiths thought an equipment auction and land rentals were the way to go on retirement, until a conversation with a neighbouring farm family made them rethink their options.
Options for transferring land while alive that keeps business structure and taxes in mind, while maintaining family relationships.
Successful negotiation takes practice, research, listening and understanding what’s a fair deal for both parties.
The last step in the transition is to embrace that it’s an ongoing process and subject to change.
When injury impacts a thriving farm partnership, should the brothers shift roles and responsibilities or does one buy out the other?
Dr. Tom Deans, Intergenerational wealth transfer expert, shares how farm families can overcome issues and move towards a successful farm transition.
The first step on your pathway to farm transition is being prepared. Here’s some advice on how to get started.
Enacting joint ownership for property and other assets is a common tactic in estate planning. It’s easy to implement, however, hard to retract, and can bring business-ruining risks.