There are so many pieces of the puzzle when it comes to creating the “perfect” succession plan for an operation. Who will inherit the farm? What happens when there are no heirs? Multiple heirs? Is there enough land for everyone?
University of Illinois Extension Farm Business Management Educator Kevin Brooks says families can elevate stress and tensions with communication and starting the process sooner.
“We have two ears and a lot of conflict between your heirs after you’re gone come about as maybe they feel like they weren’t heard,” says Brooks. “Being able to communicate what your plans are but also listening to what they are saying is important. Ultimately, the decision is yours as an owner or a husband or wife situation the decision is yours but it’s also important to listen to what others have to say.”
Brooks recommends getting a plan started sooner rather than later, allowing the operation heir to buy into the operation- especially with heirs preparing to take over for elderly parents.
