How will your family transition the farm, ranch, or agribusiness to the next generation?

Is each generation openly communicating about how to best work together?

"Getting started to think about these questions is the most important step," according to John Becker of Penn State's College of Agricultural Sciences. In "Intergenerational Communication Can Sustain Small Family Farms Through Succession", Becker goes on to note: "Inadequate farm succession planning may result in heirs who are incapable of running the farm business, family conflict over whether the farm continues in farming or is converted to a more financially productive use, prolonged legal battles over what the farm is worth to the estate and heirs, and partition of family-owned and operated farm business assets to satisfy heirs who simply want to 'cash in' their share of the business rather than invest in it."

Tips offered for effective succession planning include to:

- Enlist professional assistance
- Select a qualified successor
- Establish timelines for transition - Communicate!

Read Becker's full article here.