The main key to passing the family farm from one generation to the next is being proactive, according to Oklahoma State University professor, Dr. Shannon Ferrell.
Ferrell is an attorney, associate professor, and agricultural law specialist at Oklahoma State University. This week he’s been the keynote speaker at a series of downstate Illinois meetings hosted by Farm Credit Illinois. Dr. Ferrell says the meetings are aimed at starting the conversation amongst farm families about the future of their operations.
Ferrell admits one of the hardest parts about succession planning on the farm is in fact starting the conversation. He knows it’s an emotional discussion, but says most are surprised at how similar the viewpoints and concerns within a family can be.
According to Ferrell, farm succession can be handled in a five-step process.
Dr. Ferrell believes utilizing the help of experts is key to farm succession. In fact, he recommends a team approach.
As for timing, Dr. Ferrell says there’s no better time than now to start planning for the future of your farming operation.
From the National Association of Farm Broadcasting News Service.