Transitioning your farm to the next generation can feel like a massive, daunting task. There are just so many things to think about, that many people simply become paralyzed out of fear and uncertainty. And time and again, they put off thinking about transition planning, waiting for aspects of the farm's future (who's going to still be on the farm, what roles will be involved, what landlord relationships will yield in the future, etc.) to seem "more certain."
Here's the problem: we're talking about the future. By definition, there's always going to be some element of uncertainty. Starting a legacy plan cannot wait for a clearer picture of the future, because nobody has a crystal ball. Your legacy plan helps you shape the future of your operation.
Water Street Solutions CEO Darren Frye expands on this discussion in his latest "Finance First" blog post at Farmfutures.com.