Do you want a plan or a crisis? Connecting the older and younger generation in farm transition

""It's a complex topic... there are accounting issues, tax issues in addition to legal issues that all need to be incorporated in this discussion.""

""We're better to manage with a plan... rather than managing by crisis," reinforcing the value of starting the conversation sooner rather than later."

Farm succession planning is a complex process that involves business, family, and financial considerations. It is often delayed due to its intricacies. Sandra Macenko Merkley emphasizes the importance of starting this planning early, especially for farmers in their 30s and 40s. She advocates for assembling a team of trusted advisors to address accounting, tax, and legal issues. Alignment between generations is crucial, as younger farmers focus on growth while older generations prioritize relationships. Having a plan is essential to avoid crisis management.

Read at Realagriculture