"Keeping a farm in the family requires agreement between generations which cannot be achieved from one side of the generational equation."
Andrew Branan, Planning the Future of Your Farm- A Workbook Supporting Farm Transfer Decisions
It is never too early to begin thinking about farm transition and planning the the future of your farm.
Why is this important?
- Ensure your land remains in agricultural use
- See your farming operation continue
- Tax implications and estate planning
- Ensure a secure retirement
- Risk management
Where to start?
- Outline values and goals
- Evaluate resources
- Identify a successor
- Ultimately, create a written plan
Transitions within the Family
- Treating heirs fairly and equitably, which may not always be equal
- Important to separate business decisions from family decisions
- Have regularly scheduled meetings with the whole family
- Evaluate your resources: Can your business support multiple generations and incomes?
- Be open to arrangements other than a buy-sell agreement
- Be flexible, but know your deal-breakers
- Don't give up if the first person doesn't work out
- Involve non-farm heirs in the discussion
Information on this site should not be taken as legal or financial counsel. Users of this site should always utilize their own attorney or financial advisor when making business or legal decisions. At his time, the Virginia Farm Link program is unable to offer any additional assistance in terms of mediation discussions between potential Farm Owners and Farm Seekers.