Developing a Smooth Succession Plan for Your Farm

Leading your farm through the succession process is a tricky undertaking. It requires forethought, patience, and careful planning. In a recent article from AgWeb, Sonja Begemann offers three tips for making the shift from one generation to the next as smooth as possible.

1. Communicate Thoroughly – Transparency is key. All stakeholders should be kept in the loop about what is happening and when. Because communication between members of different generations can be difficult, be sure to give it special focus.
2. Make a Clear Plan – Develop a clear and realistic set of goals to guide the succession process and the future of the farm. All shareholders—those of the current leader generation and those of the future generation—should contribute to the process of goal creation.
3. Review the Plan Regularly – Circumstances change, and sometimes your succession plan and goals need to change, too. Simply making a plan is not enough—you should expect to review your strategy regularly to identify areas where updates are necessary.

For further details, click here to read the article in full at AgWeb.