Continuing his discussion from the past two weeks, Water Street CEO Darren Frye writes in his weekly Finance First blog on Farm Futures this week about how to avoid hostage-taking on the family farm. The key is open communication about the farm's future.
As an example, Darren shares the story of a client farm we worked with at Water Street Solutions. Our advisors helped them craft a forward-looking business plan and legacy plan that kept in mind each generation's thoughts, needs and contributions while focusing on the best course for the farm.
Once the plan was on paper, they moved on to training the younger generation to accomplish what needed to be done to move the farm forward once the older generation had retired. In this way they handed down their vision and processes for the farm's future, equipping the younger generation to take over the reins when the time comes.