Succession planning mistakes

By Joe Everett, Ohio Ag Net

All year farmers are busy maintaining and working on their farms. One thing that sometimes slips through the cracks is planning for the future of their operations. It can sometimes be a difficult topic but is vital to the existence of America’s family farms.

According to the USDA, an estimated 70% of U.S. farmland is expected to change hands within the next 20 years. Some of this farmland could unintentionally be sold out of the family if not handled correctly.

First, even before discussions start, it is important to understand how different family members communicate,” said Johnathon Cottingim, a farm succession planning attorney with Wright and Moore Law Co. LPA.

“There is no silver bullet for farm succession. There is not one single approach that guarantees success. The best course for a positive succession planning experience is to know your family. Some families are great at open and honest communication; others are not,” Cottingim said.… Continue reading