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Having a succession planning conversation

A research and extension specialist for Purdue University says for families who want to pass their operations onto the next generation, there needs to be a succession plan in place.

Renee Wiatt says some farmers see it as a loss of control.

“We know that farmers are very, very hesitant to hand over the rains to the business, especially when we’re talking about management,” she says. “That decision making is really a sticking point for the incumbents in the in the business they they don’t want to hand over the management decisions in the reins.”

She tells Brownfield there are resources available to help through the planning process.

“Succession isn’t just having a will and knowing where your assets will go when you pass away,” she says. “Succession is really thinking about how that transfer of management and ownership is going to happen.”

Wiatt suggests having an open conversation about the expectations and values of the farm that want to be continued by both generations.

Purdue Extension provides a workbook to help Indiana farm families through the succession planning process by providing additional educational resources and opportunities. 

Click here for upcoming workshop information.

AUDIO: Renee Wiatt

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