Succession Planning – buying the farm
Successfully passing the family farm on to the next generation in a way that it remains commercially viable and remains in the family, is fraught with challenges. Even if the kids all get on really well, over time their own families will grow and/or change – as will the needs and ambitions of the individual family members.
But what if it’s even more complicated than that?
What if the eldest child wants the farm, while three siblings just want a/their share of its cash value? How do you treat them fairly without selling or crippling the farm?
What if all of the kids want a piece of the farming action, but they don’t get on with each other or the farm isn’t big enough to simply split into separate operations?
Every farming family faces its own unique set of circumstances and challenges.
These kinds of dilemmas rarely have easy solutions, and even the mere act of thinking about them can be really stressful.
But with honest conversation, thoughtful consideration and careful planning, a solution can usually be found.