Believe it or not, the farm transition can actually be a joyful journey. But that can only happen once three things are established:
- Is the business going to continue?
- When would you like it to continue? (starting now, or with a reading of the will)
- Who will lead the business in the next phase?
That’s where Jolene Brown, professional speaker, author, and farmer, starts with all the farm families she counsels through farm succession. So many farm transition plans never even get started because of an unwillingness — deliberate or otherwise — to acknowledge what the older generation wants, and what they’ll need to continue living the lifestyle they’ve earned.
Getting farm transition unstuck is about honouring what went before, she says. Each farm has a story of hard work, pride, and earning what they have. The older generation needs to be emotionally ready, be supported financially, given a meaningful role in the farm (if desired), and control over their own assets. Otherwise, they’ll just micromanage, Brown point out.
Listen to episode 33 of the Mind Your Farm Business podcast to learn about how to talk about farm transition, where to begin, how to make sure the Upstarts and Old Farts have their say, and, we hope — keep the family farm alive.
Disclaimer: Royal Bank of Canada and its subsidiaries are not responsible for the information provided in this podcast, and this information does not necessarily reflect the views of Royal Bank of Canada or any of its subsidiaries. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its subsidiaries.