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Blog

Early Planning for Succession

January 7, 2008, 1


Farm Succession Decisions Require Long-Range Plans by Caroline Booth Lara (Southwest Farm Press; October 2006) recaps an interview with Danny Klinefelter, Texas Cooperative Extension Economist.

Early communication is encouraged. "One positive aspect of early planning is that it allows the child to be developed as a successor, giving them time to become deeply familiar with all aspects of the operation, both internal and external. Professional development is key in farming and ranching, just as it is in any other field."

Klinefelter encourages parents to move forward on successor decisions: "Once a decision has been made, it needs to be put out there. Otherwise, you'll face anger, hurt, and possibly lose the other children's participation in the business altogether."

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