Session Descriptions

The Hard But Necessary Conversations on Farm Succession Planning

Wednesday, September 20, 2023

11:00 a.m. to 12:15 p.m.

Let's face it. Operating a business with family members is hard enough, but throw in transition planning and the communication divide seems insurmountable. Families are messy - sibling rivalries, dad's reluctance to share information, conflict between on-farm and off-farm heirs - each of these can destroy a successful farm business and cost Farm Credit a client.
This session dives into the very messy world of family business dynamics and how the overlap of family and business relationships creates friction and conflict. We'll discuss strategies to navigate family and business roles, improve communication, deal with sensitive issues, and form a plan to transition farm ownership and management.

Learner Outcomes:

1. A greater understanding of family business dynamics and strategies for separating family and business roles.
2. Learning how intentional communication through structured family business meetings and family council meetings can help protect the business and family harmony.
3. Discover the role of Farm Credit employees in advising clients through the difficult stages of transition and how to direct them to resources so the business can survive and thrive