You know that eventually it will be time to pass down the family farm to the next generation. The idea is half-blissful and half stressful. On the one hand, it will be great to relax and take it easy while someone else handles the farm. On the other hand, you’ve worked your whole life to make sure everything is as well as can be and it can be hard to let go.
Conflicting emotions aside, how do you know when that day finally comes? When can you tell that it’s finally your time to take it easy and pass the family farm down to the next generation? We’ve come up with a few sure signs to help you make the best decision.
6 Signs It’s Time to Pass Down the Family Farm
- You’re unable to work like you used to, due to advancing age or health issues.
- Your children (or other heirs) are old enough to take over daily operations. While eighteen are the “legal” age limits, it’s definitely recommended to wait until the intended heir is a minimum of 24 if circumstances allow.
- You have confidence in the next generation’s ability to successfully maintain the family farm’s daily operations and business model.
- Your intended heir has expressed a desire to begin running the farm, and has been trained (as much as possible) to do so.
- You’ve begun to think fondly of retirement whereas before you either (A) dreaded it, or (B) didn’t give it much thought.
- The farm itself is in good condition, both structurally and financially. When the farm is in financial crisis or structurally unsound it can make transitioning the farm to the next generation very difficult. (Sometimes this cannot be avoided, but if capable it is best to work with the future heirs to help create an overall good condition before fully passing it off.)
For more information on running and operating a family farm contact us today.
