Farm Succession Planning
Most farm families have a similar interest: keeping the family farm. This means 1) maintaining the land, business, livestock, crops (whatever your particular agricultural interests may be) up and running to be able to pass on to the next generation and 2) deciding who gets what when the good Lord calls you home. This isn’t always easy. In fact, it generally isn’t.
A lot of people want to be fair. But being “fair” might mean something different to you than it does to your neighbor. Being “fair” might not mean being practical and it might not mean being equal. Each family situation is unique and each farm is unique which means there isn’t a one-size-fits-all solution for your succession plan.
Sometimes there isn’t anyone that wants to take over. Sometimes funds are scarce. Sometimes someone wants to sellout. Or maybe all your kids want to carry on the tradition. Or maybe one kid grew up to be a diehard country boy and the other wants to be an attorney. How do you decide who gets what? Does one get land and equipment and the other get cash and investments? Does one have to buy out their siblings’ interest? What’s your plan? Because farming is messy – literally and figuratively. It’s business. It’s family. It’s blood, sweat, and tears. And ultimately, it’s your legacy.
Written By: Andrea Hodgin
