In the next decade, thousands of farms and farm businesses will transition in ownership from one generation to the next. How that hand-off happens is far from simple. Farm transitions involve not just assets and operations, but also families, livelihoods, and legacies.
In this episode of Ruminating with RealAg, Annessa Good-Hassard of Peak Heritage Consulting joins host Amber Bell to delve into what transitioning the farm often looks like and how it can be accomplished in a way that takes into account the many variables and complexities involved in family farms and ranches.
Good-Hassard explains the difference between succession (transferring the business), estate planning (transferring the assets), and transition (a proactive blend of both).
On the tricky question of fairness versus equality, she puts it plainly: “even if a family is trying really hard to get that equal distribution, the only time we get even close is if everything sold and the cheque is divided.” A fair transition, she says, usually involves the farming or ranching child taking on more of the business — and the assets needed to keep it viable.
Transition planning is not always easy, but when done right, the payoff is more than just a smooth hand-of; it results in a future that works for everyone.
So grab your favourite drink, a comfy chair, and settle in for the great conversation. Or subscribe to this podcast on your favourite audio platform!
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