In this episode of Continuity Conversations with 33seven CEO Derryn Shrosbree, RealAg Radio host Shaun Haney dives into the often-avoided realities of family farm succession: specifically, the thorny issue of how to treat on-farm and off-farm children when transitioning ownership of the farm business.
This sixth step in Shrosbree’s seven-part continuity framework challenges families to confront the uncomfortable but essential question: “Do you love your on-farm and off-farm children equally?” The answer to that, and how it’s handled, can make or break not only the farm’s future, but the family’s too.
In this episode:
- Dive in to why fair is not equal, and equal is not fair
- Why cutting up the farm acreage-wise can kill the business
- How land values fit into the equation
- How to use life insurance to leave a legacy for all children, farming or not
- What fairness really looks like. Remember that the child or children who continue the farm don't just get assets, they also get a whole lot of liability and a whole lot of risk
- Avoiding family fallout
- When “no” is the answer to if you love your children equally
- What is warm handshake inheritance?
Categories:
Continuity Conversations / Farm Management / News / Podcasts / Succession Planning / Video
