Succession Strategies - 5
Avoid these mistakes when transitioning your farm to the next generation.
Elizabeth Williams
DTN Special Correspondent
Elizabeth Williams lives in Indianola, Iowa, and has covered farm management, tax, land values, federal farm programs, conservation and ag marketing issues for over 25 years.
Before coming to DTN, she worked as a writer and editor for Top Producer, Professional Farmers of America and Farm Journal.
Elizabeth grew up on a farm where her family raised seed corn, soybeans and fed cattle. Her grandfather founded a seed corn company in South Dakota. Her family still owns and operates Curry Seed Company. Her non-journalistic work experience ranges from spending nine summers detasseling corn to spending a year in China teaching English at an agricultural university.
Before coming to DTN, she worked as a writer and editor for Top Producer, Professional Farmers of America and Farm Journal.
Elizabeth grew up on a farm where her family raised seed corn, soybeans and fed cattle. Her grandfather founded a seed corn company in South Dakota. Her family still owns and operates Curry Seed Company. Her non-journalistic work experience ranges from spending nine summers detasseling corn to spending a year in China teaching English at an agricultural university.
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Succession Strategies Part 5
Avoid these three mistakes when transitioning your farm to the next generation.
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A professional consultant can help you work through the conflict and uncertainty to focus on business goals and structure.
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Open and honest communication is critical between generations of family members.
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Succession Strategies - 2
A compensation plan that pays heirs to farm should look beyond a salary and factor in other benefits and responsibilities the next generation values.
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