As the older generation of farmers nears retirement age and faces the prospect of handing their operation down to the next generation, the thoughts of both generations may turn to doubt and worry. The older generation worries if the younger generation is prepared to deal with all the complexities of running a modern operation, and the younger generation may even be doubting its own abilities. All this uncertainty, especially when coupled with today's volatile ag economy, can really feel intimidating to everyone involved.
It's a common story on many family farms across the nation. What's important is how you deal with it.
Darren Frye shares the story of how one farm prepared its younger generation to take over the operation by setting up an extended training structure. This would expose the younger generation to all the facets of the business over a sufficient period of time to really absorb them, culminating in a scheduled date for the older generation to hand over the reins and retire without worry.
How does a plan like this work? What steps can you take to set up a similar system on your farm? Read Darren's latest Finance First blog on Farm Futures for answers.