You have three children, but only one farms with you. The other two drop hints wondering how you will pass on the operation someday. Will they get their fair share?
So far, you’ve changed the subject. So has your spouse. Nobody wants to talk about it. You and your spouse are afraid of hurting someone’s feelings. Neither of you are good at handling contentious situations, and even within a family, this could get contentious — especially within a family, this will get contentious.
What’s at risk? Sure, the future of the farm operation rests in the balance. What’s more, the future of your family rests in the balance. How this issue is resolved or left unresolved could determine if brothers, sisters, nieces and nephews talk to one another in 10 years.
Couldn’t happen in your family? It happens.
Jeff Pell, a member of the Purdue Extension Succession Planning Team, says anyone facing a similar scenario can do something about it. They can start by broaching the subject of succession planning. A great start would be attending a succession planning workshop slated for July 6 in Franklin, Ind.
Begin the process
To successfully guide a farm operation from generation to generation, families need to have a plan for where they are going and knowledge of how they will fund that transition, Pell says. The Purdue Extension Succession Planning Team is hosting workshops along with individualized sessions to help farms strategically structure a farm succession plan. He explains that some were held over the winter around the state, and a couple more besides the one on July 6 may be held in the future.
The workshops tend to be small, intimate sessions where families can work with one another and share thoughts, he explains. Extension team members encourage as many people who will be impacted from one operation to attend as possible.
The Farming Together: Cultivating Relationships and Having the Cash to Bring in the Next Generation workshop will be a daylong event hosted at the Johnson County Extension Office on the Johnson County Fairgrounds in Franklin. It begins at 10 a.m. EDT and concludes at 3 p.m.
“Farm owners often want to start with legal matters associated with transition planning. However, farm families need to find consensus on their goals and where they envision the operation moving in the future first,” says Renee Wiatt, Purdue family business management specialist. “A large part of agreeing on goals and future vision for the farm can be achieved through proper relationships and communication, as well as knowing where to start.”
A local lawyer will be available. After the workshop, families can schedule virtual guidance sessions for individualized discussions with the Purdue team and collaborators to discuss topics of their choice. The cost for the workshop is $30 per person with lunch included. Registration is online. The registration deadline is June 29.
If you have questions, contact your Extension office. Be sure to register by June 29 and get this process started in your family.
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