10 Farm Succession Tips

Everything farmers have faced in 2020 has highlighted the importance of strong succession and contingency planning, and one longtime Extension economist offered some tips this week to take on a few of the most critical components of the process from successor development to planning the exit of the current primary business owner and manager. The process starts with a thorough evaluation of your industry to get a feel for how things like general consolidation trends and regulations are influencing your competitive environment, according to Texas A&M University professor emeritus and Extension economist Danny Klinefelter. Then, transition into a similar evaluation of the business itself; what are your strengths and weaknesses? How can you capitalize on the former and minimize the latter in your business transition? Answering questions like these will help you better develop a feasible business plan for your farm’s successor moving forward. See all 10 tips here.