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Management Transition: Mentoring the Next Generation

Transitioning management responsibilities from one generation to the next is difficult. Founders often have invested a lifetime into building a business, a reputation, and goodwill with other business owners. There can be many different reasons founders are reluctant...

What to Keep

Things are different now. I’m viewing the world with longer-term eyes, through a lens of generations. I lost my parents a couple of years ago—both of them in the span of six months. Both of them passed away in their home, the one they lived together in for...

Succession Planning: Preparing for Your Future

To grow the farming business you have today, you’ve invested years of your life and the bulk of your financial assets. But sooner or later, it’s inevitable that someone other than you will own and run your farm. Perhaps you’ll transfer your operation...

Expanding your Horizons

Justin Beck has one big tip for beginning farmers: If you want to succeed on the family farm, get away from it. “I would definitely suggest that you go work someplace else for a bit,” says the 26-year-old. “First, it’s going to help you decide whether farming is...

Learning to let go

When the Keddy family first began succession planning, their advisor had a grim warning. “We sat down with our accountant who told us there was a study that found only 1 in 12 first-generation farms are successfully transferred,” says Philip Keddy, who with parents...

Sage advice for young and old

A lifetime in farming brings perspective. Two veteran farmers, Jean-Guy Vincent and Garry Meier, share theirs – one has some advice for young people entering farming while the other offers some thoughts for those passing on their operations. After 41 years in the hog...