Succession Planning
Anyone who wants a say in how business assets are handled after they pass on should have some sort of transition plan in place. If not done correctly, then the outcome might be settled at a farm auction.
So, you’ve had the family meeting regarding transition planning and agree that you need to start the process. Now what?
The conversation about how the farming business is going to be transitioned from an established generation to the next generation is a conversation these families cannot afford to put off for another day.
Are leaders made or born? “Some people are more naturally disposed to being leaders, but it doesn’t mean they’re good at it. To be a really good leader, you’re made into one through intention and exposure,” she says.
Ask any dairy farmer how they feel about today’s markets and they will say that the economics don’t add up. This is true in any state, but certainly being highlighted in Wisconsin, as last year they lost 455 dairy farms.
According to Shuring, what may be considered equal doesn’t always make sense when the succession plan involves family members who actively work on the farm, and others who do not.
The Milk Business Conference in Las Vegas Nov. 28-30, highlights every corner of the dairy industry and has a great line-up of speakers to help producers capitalize on and further develop their strengths. Sign up today.
John Phipps says there are signs that water is the new oil as water rights turn into water fights across the western U.S. He thinks it’s a battle that could only heat up in the coming years.
Here’s what farmers should consider with this sometimes complex question.
As you look at transitioning leadership and ownership of your farm to the next generation, be ready to tackle entitlement issues.
Todd and Louise Malecha have one mission: Keep everyone on the same page. For their operation, that “same page” is a 587-page business plan.
Matt and Lisa Moreland hoped at least one of their sons would return home to farm after college. What they didn’t anticipate? All three sons wanted to come back. Here are four things the family learned in the process.
Often, dairies have an idea what their operations will look like down the road. But they can’t answer who will be the successor of the operation, as no formal succession plan has been set.
Two things have had a huge impact on Jeff Corle’s life—music and dairy cows. After high school, Corle headed south to Nashville, to pursue his dream of working in the music industry.
The Institute for the Future predicts that nearly 85% of the jobs that today’s students will do in 2030 don’t exist yet, underscores how big of a task it is for colleges to prepare students for a changing future.
More than 50% of farmers intend to grow their operation, based on responses in Purdue’s February 2023 Ag Economy Barometer. If you’re thinking about scaling your farm, it’s important to first ask these questions.
There is one question that you can ask yourself and those involved in your farming business to get the ball rolling on one of the most critical conversations for your business, your family and your legacy.
On a high-tech Georgia dairy farm leading 170 employees, you’ll find a farmer with no dairy in his DNA. Nevertheless, Pete Gelber is a dairy farmer who offers a unique perspective on succession planning.
From labor to rising feed costs, to regulations —the challenges that face dairy farmers are far from small. Three young dairy producers shared their takes on challenges and opportunities that they are presented with.
Head to Georgia and you’ll find a farmer with a New York accent and no dairy in his DNA. Nevertheless, Pete Gelber is a dairy farmer who offers a unique, firsthand perspective on succession planning.
You invest in your business; you invest in your retirement, and you invest in your connections with loved ones. Have you considered investing in the future leadership of your farm?
