We’ve all seen the statistics showing that few farms stay in business beyond two generations, let alone three or four. As easy as it is to point out the common mistakes or pitfalls to avoid, I have decided to turn this around to a focus for what are the common traits of farms that transition successfully.
I will share these during a live webinar held at 1 p.m., June 4. Registration is open here.
These common traits are a compilation of not only my personal experiences, but also input from other mentors, peers and succession planning advisors in the industry representing over 200 years of experience working with family farm businesses.
Webinar topics will include:
- Key traits of successful multi-generations farms
- How to improve family communication during succession planning
- Financial and legal structures that continually support long-term businesses
- Real-world examples of both successful and failed transitions
- Tips for involving trusted advisors early in the process
- A live Q&A session will follow the presentation
This free webinar is sponsored by UnCommon Farms whose mission is to help families preserve their legacies and keep families on the farm. UnCommon Farms will offer a short preview of its operation. About 45 minutes of educational content will follow.
Downey has been consulting with farmers, landowners and their advisors for nearly 25 years. He is a farm business coach and the succession planning lead at UnCommon Farms. Reach Mike at mdowney@uncommonfarms.com.