Succession planning is a critical component to passing the farm from one generation to the next, but no two plans look alike.
Rudi Pitzer Perry with Farm Credit Mid America says farmers having the difficult conversation early on benefits everyone involved. “Through the whole process have clear communication,” she says. “You’re being open and honest with everybody so there are no surprises, because that’s what normally makes people very upset. Identify the successor and keep them involved in all the decisions so they can learn from you and get the opportunities to build the relationships.” Pitzer Perry says transitioning a turnkey operation overnight can be difficult, so allowing the next generation help in the decision-making process is important.
