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When did you decide to pass the farm down?
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Tiler
Posted 1/12/2019 08:25 (#7239293 - in reply to #7239106)
Subject: RE: Not kids decison to make


SCIA
Well said Redoak!!!!! Our succession advisers have concerns that, at to young of an age, with a total transfer, there will not be the experience to maintain the operation, long term.

That being said, the first step in buyout/transfer happened last year, younger generation ages 40 (SIL) to 29 (S&DIL). We are moving ownership to them slightly faster than what our advisers want, but have seen tremendous growth in their skill sets required in each of their jobs, in the last five years.

Several succession experts, in the Ag field, say it take ten years to train a new "CEO".So, I feel like SIL & D, been back here six/seven years,are on scedule. S has been involved all his life, but also farmed on his own, while working here, for ten years, DIL, city girl, married six years, first year and a half, was tough, but has really blossomed the last three. She is my "brain" now and is learning all of the agronomy that I can pour into her. It is FUN to see this happen.

Also, have two who are not involved in the business. All operational aspects will end up being owned by the working partners, as, I have watched too many "family businesses" end up out of business, when the nonoperating siblings put a strain on the cash flow, during the tough times. And they happen in any business.
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