Farms (And Small Businesses) Need Succession Planning

generations

Photo (CC) by Ray Dumas, on Flickr

Leaving one’s business or farm to the next generation is a desire of many business owners.

Yet, those same owners will often admit that they have done little in terms of actually planning to make this desire a reality.

The University of Wyoming Extension, like many other Extension programs, is there to help start the discussion and planning process for farmers, ranchers, and small business owners.

In their February 2016 newsletter, John Hewlett, Ranch/Farm Management Specialist, discusses how such transitioning begins with the children by sparking their interest and including them in the planning discussions. Often the only message heard is when times are tough. Little is said when it is a rewarding year.

Modeling values is another important task as is getting them actively involved with chores and special projects.

Finally, the youth must see that there is a lifestyle balance, not only in words but in action.

The early involvement of the children is the first of many steps necessary to pass along the legacy. The Wyoming Extension program has a downloadable program that covers many of the aspects that need to be addressed. You can find this program at: http://aglegacy.org/ . Also, check with the Extension Service in your state for materials they may have as well.

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