You might have a very good idea of how you'd like your farm to function after you've retired and transitioned it to the next generation, but how well have you set that plan out on paper? How have you addressed the universal issues that all farms must face when it comes time for that legacy plan to go into play?
From transferring assets to determining the future leadership of your farm; do you keep it in the family or is there someone else better suited outside the family? Do your kids even have an interest in returning to the farm? If you already have a plan in place, how confident are you that it will propel your farm's legacy into the future the way you intended?
Water Street Solutions CEO Darren Frye gives you a primer on some of the main issues to think about when crafting a plan for the future of your operation in this week's Finance First column for Farm Futures.