By Blake Jackson
Stressed about the future of your farm? Penn State Extension's new podcast, "Farm Stress Real Talk," tackles the tough stuff, offering practical support for navigating the emotional and logistical hurdles of farm succession.
This episode, "Conversations about succession planning with Dr. Matthew Kaplan," dives deep into a Penn State professor specializing in intergenerational programs and aging. Dr. Kaplan sheds light on why farm families often shy away from "the talk," citing:
- Financial friction: Money can be a sensitive topic, and succession discussions often involve debt, land value, and the farm's future viability, adding complexity to already emotional decisions.
- Fear of the unknown: No crystal ball exists, and uncertainty about the future, both personal and for the farm, is a natural concern.
- Clashing perspectives: Not everyone sees eye-to-eye, and assumptions like "they'll know what I want" or "we'll figure it out later" can prevent even starting the conversation.
- Fairness quandaries: How many family members are involved? Who contributes to the farm? Balancing fairness and individual needs can be tricky.
But postponing the inevitable only makes things harder. Dr. Kaplan emphasizes the importance of starting early and approaching the process proactively. Here are his key takeaways for successful farm succession meetings:
Gather the tribe: Invite all interested family members, respecting those who choose not to participate. Include younger generations early on to demonstrate their input is valued. When involving external professionals, ensure family members are present at key meetings.
Make it a marathon, not a sprint: Succession planning takes time. Schedule regular meetings, set dates well in advance, and allow for ongoing discussions. Don't forget to document decisions and unresolved issues at the end of each session.
Prepare for the emotional rollercoaster: Acknowledge the potential for difficulty but frame the conversation as crucial for the farm's future. Work on a shared mission statement to keep everyone focused on the common goal.
Communication is key: Be an active listener, ensure everyone feels heard, and avoid assumptions. Don't hesitate to ask clarifying questions to prevent misunderstandings. Encourage open sharing of opinions, concerns, and plans. Consider how individual skills and future aspirations can contribute to the farm's success.
Get it in writing: Document decisions, agreements, and unresolved issues, including who stands where on each point. This document can be updated over time and serves as a reference point for wills, estate planning, and external consultations.
Define roles and responsibilities: Develop job descriptions for each family member involved in the farm, fostering clarity and separating family dynamics from business operations.
For more information on having conversations about farm succession planning and other stressors in the agricultural community, follow “Farm Stress Real Talk with Penn State Extension.” Look for it wherever you get your podcasts or on the Penn State Extension website, extension.psu.edu.
Photo Credit: istock-primeimages
Categories: Pennsylvania, General