What is in this article?:
- Is your Heir Apparent? | How Two Families Negotiated Equitable Succession Plans
- Considerations in succession planning
Considerations in succession planning
Michael Duffy, director of Iowa State University’s Beginning Farmer Center, offers an outline for approaching the farm succession challenge:
- What do you want to achieve – continuing the farm or simply transferring assets?
- Work with a team of advisors – lawyer, accountant, financial advisor, etc. – who understand your goals and can give objective guidance.
- Explore resources and expectations within your family and keep the family informed.
- Determine if your farm generates enough income to support the new ownership you’re considering.
- Consider personal dynamics – how you work with your potential successor and how you make decisions.
- Develop a written plan and consult it regularly.
- For resources on farm succession, check out the International Farm Transition Network at www.farmtransition.org/netwpart.html.