Legacy by Design LLC.
Cultivating Multigenerational Success in the Agricultural Community
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Blog
Timelines and Open Lines
"Develop timelines for a sequential transfer of the business that allows the younger generation to gradually build equity in the business, receive managerial training and assume managerial roles before enacting the formal transfer. Maintain open lines of communication to help families develop an integrated vision for the future of the farm (and family) that accommodates individuals' concerns and experiences. This is particularly important during times of challenging business conditions and limited prospects."
John Becker, Professor of Agricultural Economics & Law Penn State College of Agricultural Sciences in "Intergenerational Communication Can Sustain Small Family Farms Through Succession"