Emotion A Key Component To Farm Transitioning
When it come to passing the farm from one generation to the next, there could be some challenges for both sides in making a transition work. But as University of Minnesota Extension's Jim Salfer notes, one factor not given much consideration when such a succession takes place is the emotional investment made by the incumbent farmer regarding their operation.
"There's a lot of concern and a lot of emotion; what about non-family heirs? I understand that, but dealing with it doesn't make it any easier later. And for the younger generation, I would encourage you to be patient and understand how hard that is. That maybe your parents built up that business, worked really hard and now they're going to hand it over somebody else. That's kinda been their baby for, maybe, their entire life."
However, Salfer advises that a transition plan for a farm operation be put in place sooner, than later.
"Talking to the older generation, here. We're doing a disservice to wait as long as we can until we really do that transfer."
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