For many farm families, the conversation about succession doesn’t happen until there’s a crisis.
A health emergency can suddenly force difficult decisions. Or, sometimes, the senior generation reaches a point where they realize it’s time to step back and hand over management of the farm.
“One big thing, we don’t like to think about our own eventual demise or death or whatever that looks like. And when we talk about succession planning, you’re really talking about the end of whether it’s life or career. A lot of these farmers, their whole life, their whole legacy, their whole being, their lifestyle, their community, everything is tied in through that farm. So when they think about passing on that farm to the next generation, they can really struggle both mentally and financially. I would say sometimes the finances come into play. You know, they need that farm as retirement. Other times they’re rich and ready to go, as we would say, and they’re just mentally holding on to that farm because they have a hard time passing it on.” That’s according to Renee Wiatt of the Purdue Extension’s Succession Planning team.
She says the goal is to give families time to talk through management responsibilities, ownership, finances, and the future of the operation while everyone has the opportunity to be involved in the process.
Wiatt concluded, “What we’re really trying to encourage all farm families to do is to plan for succession early and often, and just to get them talking.”
Starting the conversation early can help reduce stress, avoid misunderstandings, and give the next generation a clearer path forward.
Find this entire conversation on the latest YOUR COMMUNITY Podcast.
