It’s a new year and time to make resolutions for the next 12 months. Is succession planning one of the goals your farm needs to tackle in 2024?
There are many reasons a family business puts off planning for the next generation of ownership. Perhaps the simplest to address is not knowing where to start. Beginning the process by at least gathering information and initiating conversations will also help you save the most time and money in the process, said Joy Kirkpatrick during a University of Wisconsin-Madison Division of Extension webinar. Doing nothing is the least logical and most expensive strategy to succession planning. You may think you’re avoiding discomfort in the moment, but it’s probably just creating more issues for the future, explained the farm succession outreach specialist.
To get an idea of where to start, Kirkpatrick described farm transition as a three-step process:
hoards.com December 29, 2023