September 10, 2018
By Paula Mohr
Communication is key when it comes to preparing the transition for the next generation on the family farm.
That was the resounding message from two Wisconsin farmers and an ag financial professional who shared their stories and insight on farm transition planning during a panel discussion at the Farm Progress Show Aug. 29 in Boone, Iowa.
On the panel were:
• Jeff Waller, Janesville, Wis. Waller farms with his wife, Tamie, and raises corn and food-grade soybeans. They have a son, DJ, age 20, who is in the early stages of transitioning to the family farm. DJ has been renting his own farm since age 17 and is harvesting his fourth crop this fall.
• Bob Arndt, Janesville, Wis. Arndt grows corn, soybeans, vegetables, peppermint and alfalfa, and raises beef. He farms with his brothers, David and Alan, and his sons, Abraham and Austin. His sons are full-time employees and fourth-generation owners in the operation.
• Greg Nickrent. Nickrent is a senior relationship manager with BMO Harris, Rockford, Ill., who works in ag finance and grew up on a corn and soybean farm.
The three wasted no time zeroing in on the importance of early and consistent communication when considering farm transition planning.
“The lack of communication with the generation you want to pass the farm onto is common,” Nickrent said. To get the ball rolling, he suggested finding a good farm adviser or other professional who could help you start the conversation and keep it going. To get ideas or referrals of professionals to assist you, Nickrent suggested asking neighbors who they work with, or attending conferences on estate planning.