Emotion, money, and legacy are three factors that can potentially contribute to a very bumpy farm business succession.
A farm transition doesn’t have to end badly, but too often farm families ignore best practices for a succession, based on the illusion that your farm is different from everyone else’s. While every farm is unique in soil type, equipment, or livestock, when it comes to farm succession, every farm faces the same challenges.
In this episode of the Mind Your Farm Business podcast, Tom Deans, speaker and author, talks about all the options for business succession, and standard practices that should be avoided.
A farm transition doesn’t have to end in turmoil, Deans says, and he believes that succession planning should actually be a calm process if started early. Starting the plan and conversations first, and identifying an authentic buyer who will be able to purchase the farm one share at a time at a full, fair market value (yes, really), sets farms on a course to a successful transition.
Listen on for a discussion on handling family dynamics and how to get started on a transition plan:
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.