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Succession planning? Start sooner

A farmer and marketing expert says farm families should start their succession planning sooner. “Ultimately, it’s never too early to have the discussion.”

Matt Bennett from AgMarket.net says planning for a farm’s future after a family death is a tough conversation to get started, and he knows from first-hand experience. “I know when we started talking about it when my dad was in his mid-60s, he’d always say I don’t want to talk about it right now, I know we should but I don’t want to talk about it right now. Let’s do that later.”

That was around 15 years ago, and Bennett says his father has become more receptive to the succession planning conversation after realizing Matt was already making his succession plan. “Now, my dad’s not too far from 80 and mom is 75, and they’re in good health, but you just don’t know what tomorrow is going to bring. We see people 45 and 50 that you know, have unfortunately passed and it seems like more all the time. You’ve got to be cognizant of what could possible happen and try to avoid pitfalls that others have had.”

Bennett says he is putting some land in a trust and taking care of other assets, so his own farm is ready for a smooth transition to his children within five years.  He’s also helping his parents with their succession planning.

AUDIO: Matt Bennett from AgMarket.net discusses markets, wheat opportunities, his family’s succession planning challenges and other issues with Brownfield’s Larry Lee.