Transition planning can put stress on farm families.
Iowa State University Extension farm management specialist Patrick Hatting says transitioning the farm to the next generation can be complicated, and his advice.
“Start early. That would be probably the most important thing. And set deadlines.”
He also recommends working with a farm succession coordinator.
“Who can help you stay accountable to get these things finished because it’s going to take a team effort from your accountant, your attorney, a lot of different people.”
Hatting says personalities tend to be the biggest stumbling block among families.