Farming isn't the same business it was when today's elder generation was young. Today's farm leaders may very well have just picked it all up on their own with very little formal training from the farm's previous leadership. That "trial by fire" approach just doesn't work these days like it used to. If retirement is on your radar, you should already be grooming the next generation of farm leader to step up to the plate when their time comes.
Starting sooner than later is always the best policy when it comes to preparing tomorrow's farm leadership. The fast pace and volatility of today's agricultural business environment demand that you get a training plan in place for your future farm leaders which involves financial management, relationship management, leadership skills, and much more.
Water Street Solutions CEO Darren Frye has more information on this topic, in this week's Finance First column on Farm Futures.