When you look at the family farming operation, ask yourself this one question; ?did I do this on my own??
Were you the one who first turned the ground and built the buildings?
Are you the only one who tills, plants, sprays, fertilizes, protects, harvests, and hauls your crop every year?
Are you the only one that feeds, vaccinates, and beds down the livestock?
Are you the only one running to the bank, the elevator, the kids? games, the grocery store, and to church meetings?
Of course, you aren?t.
So why do people try to do it on their own when planning to turn over the reigns to the next generation of farmers in your family? It is just as, if not more important than anything else you will do on that farm. Jeff DeWald is a Managing Member of Agribusiness Succession Advisors. He talks about the biggest mistake he sees in succession planning.
DeWald is not a big fan of trying to do it on your own.
However, if the DIY approach is what you are going to do, don?t be shocked if you are missing some key components.
DeWald highlights the steps you need to follow. The first is succession planning. Writing out what you want to accomplish with this transfer.
DeWald says it will take a lot of facing up to reality to be successful.
