From the Ag Information Network, I’m Bob Larson. It’ no secret, farm work is challenging. But so is transitioning your farm from one generation to the next.
Tim Cobb, Owner and President of Spokane-based Farmland Company, says there are different types of transitions …
COBB … “It depends on the operation. It depends on the amount of communication, which is important, but really, factors that play into it can make it so a management transition can look like three to five years and an ownership transition, honestly, depending on the equity and the amount and the size of the farms, they can take longer than that.”
And, Cobb says as we watch that …
COBB … “And as we watch that, it’s good to have that continuity. You get the relationships with the banker, and you get the relationships with the other players that are involved in this.”
Cobb says communication ahead of time can make for a smooth transition …
COBB … “We need to listen twice as much as we speak. I can remember early on, in my own family, that would just start talking to me about a few things, and it would be consistent, and it was always consistent. That’s important, that the message that comes from those who would like to have succession happen, that it is as consistent as possible, and that it starts early. And that you include the players as often as you can.”
For more information on transitioning to the next generation and finding expert help, go to www.asfmra.org. That’s the American Society of Farm Managers and Rural Appraisers.…Read more by
