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| That is always a difficult topic. I think the older generation is reluctant to turn things over because they may be concerned if the next generation will keep the farm solvent or not and maybe they like doing things their way and are not willing to let the younger generation make changes. The younger generation needs to know there is a plan or they probably need to make their own plan, rather than working several years hoping there is a plan and finding out it is not a good plan or maybe there was no plan at all. In my family there was not much of a succession plan at all. In my wife’s family they had a rough idea of a plan that sort of worked out. I know families that have worked things out but it takes both generations to be committed and look to the future. I understand the problem but I wish I knew the questions and answers better. The fact that you have your own operation going is probably a really good situation, maybe it gives your dad some idea that you are serious about making things work and holding things together. I’m not sure I’d have been open to it, but there are probably estate planners who have gone through a lot of this and can advise what works and what does not, but if you do that, your dad probably will think you are upstaging him, I’d tread lightly & get a feel for where your dad is at before I’d proceed much. | |
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Farm succession
