The best and the most valuable advice comes from people who have actually been in the situation that they’re giving advice about. So when a topic as touchy and as potentially difficult as succession comes up, you need that “first hand experience” type of advice. Lee Markert brought that advice to producers when he spoke at a panel discussion on the topic of farm succession at this year’s FarmTech conference. Lee farms near Vulcan, Alberta and runs Markert Seeds Ltd. with his parents. He is involved in the ongoing succession process in his family business and is having and has had those difficult discussions about transferring the business from one generation to the next.
As Lee notes, a major part of the process is open and honest communication. Some of the topics are difficult and awkward, but knowing where each party is at can make the discussions a lot easier. I spoke to Lee about his experience with the succession process, the difficulties that can occur, as well as the value of working experience gathered away from the family farm.
SEE MORE SUCCESSION PLANNING CONTENT
If you cannot see the embedded video below click here.
Please register to read and comment.