#AGLEGACY #FarmSuccession #EstatePlanning
Planning early and identifying who will take over, as well as how the process will unfold is important to the long-term success of the operation.
For more information see: AGLEGACY.org > Modules
IT IS MORE THAN LIKELY, that the management skills and understanding of the business the founding generation has gained up over the years was not gathered-up all at once. Likewise, the best strategy for conveying this information to the incoming generation will be to work on it over a period of time.
A daughter interested in managing the farm might begin by leasing a field from the farm or from a neighbor. She could be given responsibility for all decisions about inputs, harvest, marketing, etc. A son interested in taking over management of the ranch might begin by purchasing a few of cows and leasing the needed forage from the ranch. These approaches would allow the daughter/son to make important management decisions, learn from their successes as well as from their mistakes, while not threatening the bottom line of the overall operation. This might also represent an opportunity for members of the founding generation to serve as mentors.
