It is a question that seems to be the frequent elephant in the room among many farming families: "What does the future of the farm look like and how do I fit into that picture?"
While the topic of farm transition sounds overwhelming, complicated, and downright scary, having a succession plan can help farm businesses smoothly transition ownership and/or responsibilities in a way that keeps the agriculture industry - and the families that operate it - viable.
Morgan caught up with Dick Wittman, from Wittman Consulting, and Rachel Henley, with Virginia Cooperative Extension, to talk through the tactical - and practical - ways to start this conversation.
As Dick says: "You can't delegate what you don't define." In this episode, he explains how personality assessments (like DISC) and defining the board of directors helps a family understand how to best work with each other to make decisions. He provides examples of what NOT to do as you initiate these discussions and answers the *somewhat* controversial question: "Should in-laws be included in these family meetings?"
Rachel shares with us how Virginia agricultural organizations are rallying around producers to provide the resources they need to feel empowered and educated as they plan for the future.
Give yourself some peace of mind and use this episode as a tool for your next family farm transition meeting!
Resources:
https://wittmanconsulting.com/
https://www.farmtransition.org/
https://www.pubs.ext.vt.edu/tags.resource.html/pubs_ext_vt_edu:farm-transition-planning
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