Farmers Need To Have Succession Plan Discussion Sooner Rather Than Later

Dick Wittman is an Ag consultant in north Central Idaho. He says with the average age of the American farmer at 58, and getting older, there is a Tsunami on the horizon; what happens after those farmers retire or pass away.

Wittman said farmers do a great job planning for crops, harvest, budgets, but when it comes to succession planning, many are lacking. He said the first step is the most important, and that involves the current generation and potential stakeholders having a candid conversation.

“We need to talk about this, we need to have a plan, and we’ll respect whatever wishes you have but just allowing it to operate in an atmosphere of uncertainty is not acceptable.”

Wittman added when it comes to putting those wishes on paper, it’s important to find the right professionals who understand agriculture. And when that meeting comes up, it’s important to have all the important information well organized. Including who is involved in your family, their ages, finical situation, the five year trend of your operation, existing documents and wills.

“Because you can’t talk about succession of a business, which involves two key things, what’s the succession of ownership and what is the succession of management, those are two key parts of the succession planning equation.  You can’t talk about where you’re going to go until you define where you are.”

Wittman added it’s important to find professional that not only deal in agriculture, but understand your unique needs.

If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekradio.com