Water Street Solutions facilitates the conversation of ownership transition from the beginning, collecting the thoughts and opinions of each family member. We also help build a map that will transition the work and the responsibility on the farm so when the time comes for a hand-off, the next generation is prepared strategically and technically.
Questions to consider:
- How are the day to day responsibilities shifting from the older generation to the younger generation?
- What happens when there isn't a next generation that is interested in the farm?
- What happens when only one child out of several shows interest in coming back to the farm?
- How can the next generation be treated fairly?
- Is there a timeline and a plan to allow for the next generation to begin making important business decisions?
- Are we following through on the plans and the timelines we've created?
Farming has become considerably more difficult than it has been in the past. There is more technology, more tools and more at stake because of the consolidation of family farms. The farmer of the future needs to not only understand agronomy and equipment, but also financials, human resource management and tax implications. Water Street Solutions can help develop the roadmap and lay the educational foundation that will be instrumental in the success of these future farmers.