When different generations work together in the farm business, conflict can arise over responsibility, ownership, succession, and day-to-day operations of the farm.
Justin Funk, managing partner of AgriStudies, has done extensive research on what makes intergenerational farms unique in how they operate.
In this Mind Your Farm Business podcast, Funk shares how differences in doing business impacts not just the current dynamic, but also how the business will be run once it transitions from one generation to the next. This can have a huge impact on the professional relationships the farm has built, he says.
What’s more, Funk lays out the responsibility shift — as one generation takes on more of the decision making — and explains just how long that takes in a prove-yourself-first type approach.
Check out part one of a two-part conversation with Justin Funk, and RealAg Radio host Shaun Haney:
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.