Farm Transition Plans

An interview with John Black, Farm Credit Business Consultant

Transition planning is an important topic for farmers because a family business can have an emotional impact on the family structure. It’s hard to separate business and family in any type of family business. Essentially, the farm is the family’s way of life. As a consultant, I meet with families, look at the numbers and the situation in a non-emotional manner.

What do you find are stumbling blocks for families developing a farm transition plan?

1. Financial position. Whether it’s a feasibility study or a succession plan or a transit...