Communication within a farm family is critically important to the success of any succession / transition plan. The following are examples of goals that we encouraged be discussed regularly and well in advanced of the planned-for transition time-frame.
Common Goals of Farm-Owning Families
- Help parents transition into retirement
- Health and happiness of everyone involved
- Communication
- Equitable decisions
- Charitable inclinations
- Other: _____________________________________
Common Goals of Farm-Owner Parents
- Turn over the farm to the children
- Treat all children equitably
- Receive adequate retirement income
- Maintain some involvement in farm
- Sell farm to non-family person(s)
- Minimize estate and income taxes
- Preserve farm via a conservation easement
- Travel and leisure
- Other: _____________________________________
Common Goals of Farm-Involved Children
- Receive adequate income
- Buy into the farm or business
- Participate in management
- Gain control of the farm or business over time
- Increase size or change direction of the farm or business
- Incorporate new technology
- Build personal equity
- Other: _____________________________________
Common Goals of Children Not Active On The Farm
- Inherit an equitable share of the parents’ estate
- Receive an equitable return on investment if still involved in the farm business
- Participate in management if still involved in the farm business
- Possibly sell equity in the farm business to invest money elsewhere
- Other: _____________________________________
