You can’t take it with you. In this case, the “it” is the farm, and if you’re putting off transitioning the farm to a new owner or manager, you might be missing out on a huge opportunity to mentor and continue the success of the legacy you’ve built.
The trouble is, most of us operate under the assumption that we’ve got plenty of time to do all the things we want to do — sometimes, that time is cut short or runs out faster than we hoped.
By procrastinating on the farm business transition, says Renee Wiatt, Family Business Management Specialist for the Department of Agricultural Economics at Purdue University, you don’t just risk losing money, you miss out on what can be a really enjoyable and important part of the farm: mentoring the next leader.
For this episode of the Mind Your Farm Business podcast, host Shaun Haney and Wiatt talk about some of the reasons the farm succession is a challenge, what surveys say about what is holding back farm transition, and they hammer out a few first steps to get a farm transition plan back on track.
Listen now, below, or download the podcast for later!
For a French subtitled version of the episode, click here.
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.
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