One of the most challenging pieces of farm ownership is succession planning.  Not only does it come with a variety of legal and tax implications, but it requires emotional discussions as well. 

Family Dynamics

Depending on the openness of family members, it may feel nearly impossible to have the conversations necessary for successful transitions.  If an elder in the family finds their fulfillment in management of the farm, a younger generation may not ever have the opportunity to learn management skills.  If siblings who are not actively involved in farm management are partial owners, the farm management may be affected by financial circumstances out of their control.

Outside the Family

And what about the farm owners who don't have a next generation interested in maintaining a farm?  How do they value the farm as a production farm and an agritourism venue?  Is it possible to find a buyer - and if so, where?

Help is Available

Nearly every year, NAFDMA has some educational focus on succession planning.  As a member of a farm family who has seen first-hand the challenges of succession planning (or lack thereof) and succession communication (or the lack thereof), I know how critical it is for everyone affected by a potential ownership change, family death, or management change to all share in the communications.  Many of our previous educational sessions on this topic have been recorded and are available in our Members-Only Education Center.  If you have had these conversations, please take the time now to circle back and ensure everyone is on the same page.  If you haven't had these conversations, please start today.  And reach out to NAFDMA staff if you will need someone to help you along the journey.  We have been part of connecting with amazing facilitators along the way, who can help with any situation you may face.