Farm Succession author and consultant Mark Andrew Junkin says transferring assets in a farm succession is the easy part.
The challenge comes in the transfer of management.
Junkin contends that while farmers are very good at making decisions, they're not particularly good at transitioning the decision-making to the next generation or teaching their sons or daughters why they do things the way they do.
He advises families start working with a consultant two to three years before the actual succession and include the family in decision -making leading up to the succession.
Junkin also believes farmers have become very good at dividing assets among siblings regardless of gender.
But he says when it comes to transferring management to the next generation of daughters they're still in the dark ages.
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Junkin says letting go is very difficult, and not something that comes naturally to most farmers.
[audio mp3="http://blackburnnews.com/wp-content/uploads/2014/12/JUNKIN-Succesion-1.mp3"][/audio]
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He also points out it's time daughters as well as sons become part of that process.
[audio mp3="http://blackburnnews.com/wp-content/uploads/2014/12/JUNKIN-Succession-2.mp3"][/audio]
