What sets successful farm transitions apart?

"Based on years of post-transition reviews, MNP has identified seven traits common to successful farm families, MacLean says. First, they start early. Early planning allows flexibility and time to work through the tough stuff. Clear, respectful communication is the second trait - and it's essential. Families who talk openly and establish expectations avoid the dangerous territory of unspoken assumptions. Farms that navigate the process well have a shared vision."

"Everyone should understand the farm's direction and their place in it, says MacLean. Another trait - tackling misunderstandings early - means creating space, often through one-on-one conversations, to surface concerns before group planning begins. Next, MacLean urges a focus on financial viability before tax planning. A farm must support both the exiting and entering generations. If the numbers don't work, no amount of tax strategy will fix it."

Seven traits common to successful farm families include starting early, maintaining clear and respectful communication, having a shared vision, addressing misunderstandings early, prioritizing financial viability before tax planning, being adaptable, and treating succession as an ongoing process. Early planning creates flexibility and time to resolve difficult issues. Open conversations and established expectations prevent unspoken assumptions. A shared vision ensures everyone understands the farm's direction and individual roles. One-on-one conversations can surface concerns prior to group planning. Financial plans must support exiting and entering generations because tax strategies cannot substitute for unsustainable numbers. Flexibility accommodates illness, changing interests, and market shifts.

Read at Realagriculture