Farm Table says:
This looks at the positives and negatives (and the ugly) of a particular farm succession case study.
The following observations are provided:
- Treat family members like non family members. Write down what you are agreeing to, partnership agreements are important.
- Longer term equal split of assets may be acceptable – trend
- Parents to decide on a course of action early (when they have kids) and communicate that clearly to children.
- Not enough businesses are making enough money for the next generation to take over. Too many parents are encouraging children back on to small farms.
- Parents and grandparents – tell the family story of hard work involved (especially when children are young.)
- Parents wanting to control children (entrepreneurial families) is an issue for second generations
- Be honest about what you want and what is important to you.
- 2 boys – 1 is there really to protect his interests.
- Good partnerships – mutual respect, like, barbecue factor
- Get an external person to help.